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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, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
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