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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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- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
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