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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
 During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition yards.
The subdued demolition activity is seen at a time when steel prices offered in Bangladesh, India, and Pakistan – the world’s top ship demolition locations – are at an all-time high. The price of steel from ship demolition is supported by high steel prices in general as well as the limited number of ships heading for demolition.
In addition to the three actively trading VLCCs demolished in the first seven months of the year, five retired VLCCs working as Floating Storage and Offloading units (FSOs) in recent years have been demolished.
However, as they are not actively trading, the demolition of these five VLCC (FSO)s does not affect the demand-supply imbalance, i.e., the freight rates. The average age of the scrapped VLCCs used as FSOs is 24 years while the average age for the three actively trading VLCCs is 22 years.
Owners take advantage of an attractive secondhand market
The lethargic pace of VLCC demolition is also explained by attractive prices for older ships in the secondhand market. According to VesselsValue, 69 VLCCs have changed hands in the Jan-July 2021 period, compared with 91 for the full year of 2020.
To some extent, what we see now is like what we saw in the period that followed the six quarters of high oil tanker earnings from Q4 2014 through Q1 2016. Following this it was not until Q3 2017 that we began to see a pick-up in demolition for VLCCs.
Time has proven that it takes time for shipowners’ demolition decision to mature, and that a weak market right in the wake of a strong one is not enough to take the final step and go for demolition.
“The low demolition level seen in the first seven months of the year for crude oil tankers surely takes some by surprise. Some are wondering why shipowners are not demolishing the excess fleet when freight rates have been sluggish for the past year,” says Peter Sand, BIMCO’s Chief Shipping Analyst.
“The reason behind this is two-fold. Firstly, the strong earnings enjoyed by everyone in the crude oil tanker shipping sector last year leaves no owner short of cash. Secondly, as secondhand prices exceed even the record-high prices offered for demolition steel, shipowners are more inclined to keep their tankers afloat and changing hands, rather than sending them to the demolition yards,” says Sand, adding:
“Yet, nothing is straightforward as oil product tankers, on the other hand are heading for a record-high level of fleet demolition in 2021.”
Source: BIMCO, By Peter Sand, Chief Shipping Analyst
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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Planning Commission, India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
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