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