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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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Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Planning Commission, India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
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