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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
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