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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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Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
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