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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
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