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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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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- GMR Energy Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
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