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Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
 LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory levels of natural gas and LNG in several of the largest end markets for LNG and the outbreak of COVID-19, the impact of which has had an uneven distribution around the world during the year to date. For example, Chinese demand was 15 million tonnes (“mt”) in the first quarter of 2020, a decrease of 5% over the first quarter of 2019, according to Poten, but apparent demand in April has increased year-on-year based on vessel tracking data, including several cargoes exported from the U.S., GasLog says in its latest financial report.
Gaslog further noted, meanwhile, demand from Northern Asia more broadly (Japan, China, South Korea and Taiwan) grew by approximately 1 mt in the first quarter or 3% year-over-year. In addition, demand from India grew by nearly 2 mt in the first quarter of 2020 (or 37%) as the country looked to take advantage of historically low gas prices, although apparent demand in April is likely to be lower year-on-year based on vessel tracking data. Finally, demand from Europe grew by over 4 mt (or 37%) as gas pricing favored coal-to-gas switching for power generation and LNG replaces indigenous gas production. In total, LNG demand was 98 mt in the first quarter of 2020, compared to 89 mt in the first quarter of 2019, or an increase of 10%.
Wood Mackenzie currently expects global LNG demand to grow 21 mt or 6% this year, slower than the 26 mt or 7% it anticipated earlier this year prior to the global outbreak of COVID-19. Nonetheless, the demand for LNG over the near-term continues to be uncertain as many LNG importing countries either continue to have in effect shelter-in-place orders which prevent the operation of businesses deemed to be “non-essential” or are in the early stages of reopening their economies. Consequently, measures of global economic activity have declined significantly from comparable periods in 2019. However, the longer-term outlook for LNG demand remains favorable with demand growth of 92 mt estimated over the 2019-2025 timeframe, or compound annual growth of approximately 4%, according to Wood Mackenzie.
According to GasLog's latest financial report, global LNG supply was approximately 98 mt in the first quarter of 2020, an increase of 10 mt over the first quarter of 2019 (or 11%), primarily due to new supply additions in the U.S. (Cameron T1 and T2, Freeport T1, T2 and T3 and Elba Island), according to estimates from Wood Mackenzie. LNG supply is estimated to grow by 22 mt this year as the third train of Cameron begins operations and recent capacity additions continue to increase production. Further ahead, approximately 97 mt of new LNG capacity is expected to begin production during 2021-2025. However, Wood Mackenzie expects the pace of new project sanctions to slow significantly in 2020 due to the uncertainties caused by the COVID-19 outbreak in long-term demand for LNG and low global energy prices, in particular crude oil prices due to oversupply following a collapse in oil demand due to the COVID-19 virus.
In the LNG shipping spot market, tri-fuel diesel electric vessel (“TFDE”) headline rates, as reported by Clarksons, averaged $57,000 per day in the first quarter of 2020, a decrease from the averages of $108,000 in the fourth quarter of 2019 and $59,500 in the first quarter of 2019. Headline spot rates for steam turbine propulsion (“Steam”) vessels averaged $40,000 per day in the first quarter of 2020, a decrease from the average of $78,000 per day in the fourth quarter of 2019 but approximately in line with the $39,000 per day observed in the first quarter of 2019. Slower than expected LNG demand growth due in part to the impact of COVID-19 (as detailed above), high global inventories of natural gas and LNG following a warmer than average winter in the Northern Hemisphere and limited opportunities for LNG arbitrage trading between Atlantic and Pacific basins impacted headline spot rates in the first quarter of 2020.
Clarksons currently assesses headline spot rates for TFDE and Steam LNG carriers at $32,500 per day and $23,000 per day, respectively. The COVID-19 outbreak has introduced significant uncertainty regarding demand for LNG, and consequently, demand for LNG shipping over the near term. The combined impact of the COVID-19 outbreak and normal seasonality may lead to greater volatility in spot rates and to lower utilization of vessels trading in the spot and short-term markets, in particular Steam vessels. In addition, global gas prices and gas price differentials remain near historic lows in the key markets of North Asia and Europe, limiting the opportunities for inter-basin arbitrage trading and likely reducing average voyage distances as well as potentially reducing global output of LNG over the near-term, particularly in the U.S., where a number of cargo deferrals and/or cancellations have been reported for this summer, said GasLog.
As of May 5, 2020, the orderbook totals 118 dedicated LNG carriers (>100,000 cbm), according to estimates from Poten, representing 22% of the on-the-water fleet. Of these, 74 vessels (or 63%) have multi-year charters. The pace of newbuild ordering has slowed significantly relative to 2018-19, with only 4 newbuildings ordered so far in 2020 and all of them ordered against multi-year contracts, an encouraging development for the future supply and demand balance of LNG carriers.
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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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Showing 721 to 725 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- PTC India Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Aditya Birla Group - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
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