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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- The University of Queensland
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
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