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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Australian Coal Association
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
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- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
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- Agrawal Coal Company - India
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- Ministry of Finance - Indonesia
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- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
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- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
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- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
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- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
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- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Standard Chartered Bank - UAE
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- Parliament of New Zealand
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- Directorate Of Revenue Intelligence - India
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- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
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- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
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- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
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- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
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- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
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- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
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- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
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- Romanian Commodities Exchange
- The University of Queensland
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- Cement Manufacturers Association - India
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- LBH Netherlands Bv - Netherlands
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- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
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