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