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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
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