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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
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