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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
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