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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- The University of Queensland
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
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