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Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
 Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Ratings says.
Market expectations of oversupply and weak gas prices have curtailed new investment activity in the sector in the past two years. Limited capacity additions beyond 2020 should be positive for spot prices, especially in Asia and Europe. This will benefit LNG projects with significant uncontracted volumes and those linked to gas spot prices.
An unprecedented wave of new projects becoming operational in 2016-2019 has not resulted in, and is unlikely to result in a material surplus in the LNG market in the medium term. Additional LNG volumes continue to find a home across a diverse array of countries and new buyers, and under more flexible contracts.
Funding for new LNG capacity is often structured as non-recourse project finance and is dependent on sponsors’ ability to secure long-term offtake agreements, which buyers have been less willing to sign in anticipation of larger volumes of uncontracted LNG coming to the market. Therefore, sponsors may need to commit a higher equity contribution to get funding for LNG projects, which will continue to delay final investment decisions (FIDs) for some time. A typical timeframe for a new LNG project to become operational following the FID is four to five years. Due to limited new FIDs very few new projects will come on stream in the early 2020s. FIDs in the next one to two years are likely to be limited to projects with lower capital and operating costs given constraints on the funding side.
We expect gas demand to continue its robust growth in the coming years, mostly driven by Asian markets that account for two-thirds of overall LNG demand. This is due a combination of healthy power demand growth in the region, natural gas being the fossil fuel of choice in pursuit of curbing air pollution, and the backlash against nuclear energy. Japan is currently the largest LNG importer, but China is catching up quickly and becoming the major market for LNG.
The LNG market could shift into deficit by 2022-2025. Gas pricing is therefore likely to improve in the major importer markets, benefiting LNG projects relying on spot and hub pricing and entities with significant LNG trading portfolios. We also expect oil companies to gradually return to their earlier LNG ambitions. This includes oil majors, like Shell, BP and Total, most of which emphasise the growing role of gas in the global energy mix.
The LNG market is still in its formative stage. Pricing mechanisms, contract terms and financing structures continue to evolve. Long-term oil-linked contracts are giving way to increased trading activity, which represented around a quarter of all new contracts in 2017, according to IGU World Gas LNG Report, compared to just 1% in 2012. New large LNG projects still rely on long-term contracts in order to secure financing. However, elsewhere contracts are becoming shorter, and the quality of counterparties is declining. Contract prices are increasingly de-linked from oil pricing with a growing focus on spot and hub-based gas pricing.
Fitch-rated rated LNG projects will not be significantly affected by the trend towards increasing commoditisation. In the US, rated projects, such as Cameron LNG and Sabine Pass, benefit from robust contractual frameworks that provide mitigation to completion risks and often employ tolling or tolling-like arrangements that protect cash flows from volume and price risks. RasGas in Qatar mostly relies on long-term oil-linked contracts.
Source: Fitch Ratings
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Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
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