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