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Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
 Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Ratings says.
Market expectations of oversupply and weak gas prices have curtailed new investment activity in the sector in the past two years. Limited capacity additions beyond 2020 should be positive for spot prices, especially in Asia and Europe. This will benefit LNG projects with significant uncontracted volumes and those linked to gas spot prices.
An unprecedented wave of new projects becoming operational in 2016-2019 has not resulted in, and is unlikely to result in a material surplus in the LNG market in the medium term. Additional LNG volumes continue to find a home across a diverse array of countries and new buyers, and under more flexible contracts.
Funding for new LNG capacity is often structured as non-recourse project finance and is dependent on sponsors’ ability to secure long-term offtake agreements, which buyers have been less willing to sign in anticipation of larger volumes of uncontracted LNG coming to the market. Therefore, sponsors may need to commit a higher equity contribution to get funding for LNG projects, which will continue to delay final investment decisions (FIDs) for some time. A typical timeframe for a new LNG project to become operational following the FID is four to five years. Due to limited new FIDs very few new projects will come on stream in the early 2020s. FIDs in the next one to two years are likely to be limited to projects with lower capital and operating costs given constraints on the funding side.
We expect gas demand to continue its robust growth in the coming years, mostly driven by Asian markets that account for two-thirds of overall LNG demand. This is due a combination of healthy power demand growth in the region, natural gas being the fossil fuel of choice in pursuit of curbing air pollution, and the backlash against nuclear energy. Japan is currently the largest LNG importer, but China is catching up quickly and becoming the major market for LNG.
The LNG market could shift into deficit by 2022-2025. Gas pricing is therefore likely to improve in the major importer markets, benefiting LNG projects relying on spot and hub pricing and entities with significant LNG trading portfolios. We also expect oil companies to gradually return to their earlier LNG ambitions. This includes oil majors, like Shell, BP and Total, most of which emphasise the growing role of gas in the global energy mix.
The LNG market is still in its formative stage. Pricing mechanisms, contract terms and financing structures continue to evolve. Long-term oil-linked contracts are giving way to increased trading activity, which represented around a quarter of all new contracts in 2017, according to IGU World Gas LNG Report, compared to just 1% in 2012. New large LNG projects still rely on long-term contracts in order to secure financing. However, elsewhere contracts are becoming shorter, and the quality of counterparties is declining. Contract prices are increasingly de-linked from oil pricing with a growing focus on spot and hub-based gas pricing.
Fitch-rated rated LNG projects will not be significantly affected by the trend towards increasing commoditisation. In the US, rated projects, such as Cameron LNG and Sabine Pass, benefit from robust contractual frameworks that provide mitigation to completion risks and often employ tolling or tolling-like arrangements that protect cash flows from volume and price risks. RasGas in Qatar mostly relies on long-term oil-linked contracts.
Source: Fitch Ratings
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Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
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- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
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