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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- The University of Queensland
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
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