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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, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
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Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
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- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- White Energy Company Limited
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
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