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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Romanian Commodities Exchange
- PTC India Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
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