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