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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Planning Commission, India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- The University of Queensland
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
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