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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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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
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