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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- The University of Queensland
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
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