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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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
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