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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Posco Energy - South Korea
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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