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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
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