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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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Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- The University of Queensland
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
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