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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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- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Parliament of New Zealand
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
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