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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
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- Neyveli Lignite Corporation Ltd, - India
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- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
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- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
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- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
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- VISA Power Limited - India
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- Alfred C Toepfer International GmbH - Germany
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- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
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- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
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- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
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- Billiton Holdings Pty Ltd - Australia
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- Gujarat Mineral Development Corp Ltd - India
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- McConnell Dowell - Australia
- Wilmar Investment Holdings
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
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