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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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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Showing 1631 to 1635 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
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