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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
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