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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, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Planning Commission, India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Central Electricity Authority - India
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