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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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Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- The University of Queensland
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
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