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