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Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
 LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourage higher consumption. More specifically, according to Refinitiv estimates, this summer, there may be a global surplus of about 4 billion cbm available for NW Europe, with the U.S. making up the majority of that excess. Currently, the global LNG market is pivoted by Europe’s LNG contracting activity ahead of the following winter, as well as competition for cargoes from Southeast Asian price-sensitive buyers.
Natural Gas Pricing
Pricing dynamics are critical because they reflect the interaction between fundamentals and macroeconomic and geopolitical risks. The market will need to be carefully balanced, and the rebound in China's demand and the demand of Asia's price-sensitive buyers will be key factors. As the price of LNG has decreased (last Friday the Northeast spot Asian price was assessed at $12.5/MMBtu, down 16.6% m-o-m), there is now greater spot demand in Asia, with price-sensitive consumers returning to the market, including Bangladesh, India, smaller Chinese LNG firms, Singapore, Indonesia, and Malaysia, as well as Philippines and Vietnam that are also expected to enter the spot market this summer.
LNG Freight Rates
Since the beginning of the year, vessel rates have embarked on a downward trajectory. In the 2022 competitive market, freight rates in the Atlantic averaged close to $160,000/day as vessels competed to move cargoes to Europe. However, since the beginning of 2023, the freight market has been pivoted by a combination of lower natural gas prices and increased vessel supply, notably in the Atlantic Basin, thus exerting more pressure on rates. Spot rates currently stand above historical average Q1 levels, yet notably lower than the highs recorded in 4Q2022. On the other hand, T/C rates are currently seen as robust, reflecting future tightness in the market.
LNG Newbuilding Activity
Based on recent orders signed with South Korean shipyards, LNG newbuilding prices increased in the first quarter of 2023 amid high demand, limited shipbuilding capacity, and increasing inflation. More specifically, according to our preliminary data prices have climbed to $253 million during 1Q2023, 127% above the 5-year average newbuilding price (in a Korean yard). In terms of the number of orders, during 1Q2023, 17 vessels have been ordered versus 37 during 1Q2022 due to extremely tight shipbuilding capacity, especially in the top 3 Korean yards.
LNG S&P Activity
During 1Q2023, a total of 6 sales of second-hand LNG vessels have been reported, with 50% of the vessels sold being less than 10 years. In 1Q2023, the price for a 5-year-old LNG vessel stood at $245 million, 128% above the 5-year average, while the price for a 10-year-old LNG vessel hovered close to $155 million, 121% above the 5-year average.
Demolition Activity
The year kicked off a good start in terms of LNG carrier scrap sales, which in 2022 totaled just one vessel. So far in 1Q, a total of 3 vessels have been sold for scrapping at robust prices as owners scramble to replace their older tonnage ahead of new regulations on shipping emissions.
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, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Bhatia International Limited - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- PTC India Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
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