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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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- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
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