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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
 LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall of gas flows to Europe from Russia, resulting in whipsaw patterns in gas prices in the EU/US.
The EU/US Taskforce to reduce Europe’s dependence on Russian gas held a meeting on June 14th, planning further US LNG exports to the EU, amidst a flurry of commercial activity due to the recent fire at the Freeport LNG export terminal in Texas, which initiated on the 8th of June. Officials said, during the previous week, that damage from the fire at its Texas plant would keep it fully offline until September with only partial operation through year-end. Following the news of the extended shutdown, natural gas prices slumped in the United States and soared in Europe.
The closure came as pipeline supplies from Europe’s top providers are also capped. For instance, key facilities in Norway have been undergoing annual maintenance, while Russia’s supplies are below capacity after several European buyers were cut off for refusing to meet Moscow’s demands to be ultimately paid in rubles for its pipeline fuel. Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on June 16th, and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories. Russia clearly steps up the use of energy as a weapon, prompting Germany to accuse Kremlin of trying to drive up prices. There is a very real probability that European conventional storage will start the new withdrawal period with low stocks again, indicating tightness in LNG and gas markets lasts well into 2023.
More specifically TTF closed at $84.400MMBtu on June 1st, but following the fire news, it marked at climbed to $91.550MMBtu intraweek. Last week it was traded up to $148.745 MMBtu on June 16th, marking an intamonth high, after the cut in gas flows from Nord Stream 1 pipeline.
Key underlying drivers in bringing LNG prices together are weak demand in North Asia, the world's main consuming region, amidst the latest lockdown in China, as well as strong demand in Europe due to the policy pivot towards LNG and away from dependence on Russian pipeline gas. The wave of new supply additions to the global LNG market seen during 2015-2020 is slowing down considerably and considering minimal growth during 2020 and 2021, supply seems to be outstripped by demand. Supply will most likely remain curbed, while Gazprom’s CEO is warning that there is no solution at the moment for issues with gas turbines, essential for the pipeline’s functioning. That said, refilling of storage tanks for the winter when demand typically peaks is threatened. With European gas supplies being already squeezed and on the back of a dearth of gas supplies for the coming winter, a return to coal now seems the only viable option for EU countries.
While gas demand in China will remain the engine of global LNG growth, disruptions in new LNG production out of the US which was set out to be the key to global balance over 2022, form the main market indicators which are pointing in the same direction and they are, undoubtedly, signaling a supply/demand imbalance that will continue to nibble sentiment in the short term.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Australian Coal Association
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
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