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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- VISA Power Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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