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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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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
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