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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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Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- The University of Queensland
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
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