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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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- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
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- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
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- Latin American Coal - Colombia
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- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
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