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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Economic Council, Georgia
- The Treasury - Australian Government
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
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