We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
|
|
|
Showing 476 to 480 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- The University of Queensland
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Planning Commission, India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
