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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, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
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