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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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Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
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