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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
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- Indonesian Coal Mining Association
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- McConnell Dowell - Australia
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- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
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- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
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- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
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- Metalloyd Limited - United Kingdom
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- Dalmia Cement Bharat India
- White Energy Company Limited
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- Vedanta Resources Plc - India
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- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
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- Planning Commission, India
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- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
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- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
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- Eastern Energy - Thailand
- Minerals Council of Australia
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- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
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- Goldman Sachs - Singapore
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- Antam Resourcindo - Indonesia
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- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
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