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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
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- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
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- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
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- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
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- New Zealand Coal & Carbon
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- Sojitz Corporation - Japan
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- Barasentosa Lestari - Indonesia
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- Attock Cement Pakistan Limited
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- Singapore Mercantile Exchange
- Economic Council, Georgia
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- McConnell Dowell - Australia
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- Ind-Barath Power Infra Limited - India
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- Chettinad Cement Corporation Ltd - India
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- Intertek Mineral Services - Indonesia
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- Indian Oil Corporation Limited
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- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
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- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
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- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
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- Indonesian Coal Mining Association
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- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
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- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
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- Tamil Nadu electricity Board
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- IHS Mccloskey Coal Group - USA
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- PNOC Exploration Corporation - Philippines
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- India Bulls Power Limited - India
- Coal and Oil Company - UAE
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