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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- VISA Power Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Planning Commission, India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
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