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Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
 LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory levels of natural gas and LNG in several of the largest end markets for LNG and the outbreak of COVID-19, the impact of which has had an uneven distribution around the world during the year to date. For example, Chinese demand was 15 million tonnes (“mt”) in the first quarter of 2020, a decrease of 5% over the first quarter of 2019, according to Poten, but apparent demand in April has increased year-on-year based on vessel tracking data, including several cargoes exported from the U.S., GasLog says in its latest financial report.
Gaslog further noted, meanwhile, demand from Northern Asia more broadly (Japan, China, South Korea and Taiwan) grew by approximately 1 mt in the first quarter or 3% year-over-year. In addition, demand from India grew by nearly 2 mt in the first quarter of 2020 (or 37%) as the country looked to take advantage of historically low gas prices, although apparent demand in April is likely to be lower year-on-year based on vessel tracking data. Finally, demand from Europe grew by over 4 mt (or 37%) as gas pricing favored coal-to-gas switching for power generation and LNG replaces indigenous gas production. In total, LNG demand was 98 mt in the first quarter of 2020, compared to 89 mt in the first quarter of 2019, or an increase of 10%.
Wood Mackenzie currently expects global LNG demand to grow 21 mt or 6% this year, slower than the 26 mt or 7% it anticipated earlier this year prior to the global outbreak of COVID-19. Nonetheless, the demand for LNG over the near-term continues to be uncertain as many LNG importing countries either continue to have in effect shelter-in-place orders which prevent the operation of businesses deemed to be “non-essential” or are in the early stages of reopening their economies. Consequently, measures of global economic activity have declined significantly from comparable periods in 2019. However, the longer-term outlook for LNG demand remains favorable with demand growth of 92 mt estimated over the 2019-2025 timeframe, or compound annual growth of approximately 4%, according to Wood Mackenzie.
According to GasLog's latest financial report, global LNG supply was approximately 98 mt in the first quarter of 2020, an increase of 10 mt over the first quarter of 2019 (or 11%), primarily due to new supply additions in the U.S. (Cameron T1 and T2, Freeport T1, T2 and T3 and Elba Island), according to estimates from Wood Mackenzie. LNG supply is estimated to grow by 22 mt this year as the third train of Cameron begins operations and recent capacity additions continue to increase production. Further ahead, approximately 97 mt of new LNG capacity is expected to begin production during 2021-2025. However, Wood Mackenzie expects the pace of new project sanctions to slow significantly in 2020 due to the uncertainties caused by the COVID-19 outbreak in long-term demand for LNG and low global energy prices, in particular crude oil prices due to oversupply following a collapse in oil demand due to the COVID-19 virus.
In the LNG shipping spot market, tri-fuel diesel electric vessel (“TFDE”) headline rates, as reported by Clarksons, averaged $57,000 per day in the first quarter of 2020, a decrease from the averages of $108,000 in the fourth quarter of 2019 and $59,500 in the first quarter of 2019. Headline spot rates for steam turbine propulsion (“Steam”) vessels averaged $40,000 per day in the first quarter of 2020, a decrease from the average of $78,000 per day in the fourth quarter of 2019 but approximately in line with the $39,000 per day observed in the first quarter of 2019. Slower than expected LNG demand growth due in part to the impact of COVID-19 (as detailed above), high global inventories of natural gas and LNG following a warmer than average winter in the Northern Hemisphere and limited opportunities for LNG arbitrage trading between Atlantic and Pacific basins impacted headline spot rates in the first quarter of 2020.
Clarksons currently assesses headline spot rates for TFDE and Steam LNG carriers at $32,500 per day and $23,000 per day, respectively. The COVID-19 outbreak has introduced significant uncertainty regarding demand for LNG, and consequently, demand for LNG shipping over the near term. The combined impact of the COVID-19 outbreak and normal seasonality may lead to greater volatility in spot rates and to lower utilization of vessels trading in the spot and short-term markets, in particular Steam vessels. In addition, global gas prices and gas price differentials remain near historic lows in the key markets of North Asia and Europe, limiting the opportunities for inter-basin arbitrage trading and likely reducing average voyage distances as well as potentially reducing global output of LNG over the near-term, particularly in the U.S., where a number of cargo deferrals and/or cancellations have been reported for this summer, said GasLog.
As of May 5, 2020, the orderbook totals 118 dedicated LNG carriers (>100,000 cbm), according to estimates from Poten, representing 22% of the on-the-water fleet. Of these, 74 vessels (or 63%) have multi-year charters. The pace of newbuild ordering has slowed significantly relative to 2018-19, with only 4 newbuildings ordered so far in 2020 and all of them ordered against multi-year contracts, an encouraging development for the future supply and demand balance of LNG carriers.
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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
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