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