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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, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
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