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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
 LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall of gas flows to Europe from Russia, resulting in whipsaw patterns in gas prices in the EU/US.
The EU/US Taskforce to reduce Europe’s dependence on Russian gas held a meeting on June 14th, planning further US LNG exports to the EU, amidst a flurry of commercial activity due to the recent fire at the Freeport LNG export terminal in Texas, which initiated on the 8th of June. Officials said, during the previous week, that damage from the fire at its Texas plant would keep it fully offline until September with only partial operation through year-end. Following the news of the extended shutdown, natural gas prices slumped in the United States and soared in Europe.
The closure came as pipeline supplies from Europe’s top providers are also capped. For instance, key facilities in Norway have been undergoing annual maintenance, while Russia’s supplies are below capacity after several European buyers were cut off for refusing to meet Moscow’s demands to be ultimately paid in rubles for its pipeline fuel. Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on June 16th, and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories. Russia clearly steps up the use of energy as a weapon, prompting Germany to accuse Kremlin of trying to drive up prices. There is a very real probability that European conventional storage will start the new withdrawal period with low stocks again, indicating tightness in LNG and gas markets lasts well into 2023.
More specifically TTF closed at $84.400MMBtu on June 1st, but following the fire news, it marked at climbed to $91.550MMBtu intraweek. Last week it was traded up to $148.745 MMBtu on June 16th, marking an intamonth high, after the cut in gas flows from Nord Stream 1 pipeline.
Key underlying drivers in bringing LNG prices together are weak demand in North Asia, the world's main consuming region, amidst the latest lockdown in China, as well as strong demand in Europe due to the policy pivot towards LNG and away from dependence on Russian pipeline gas. The wave of new supply additions to the global LNG market seen during 2015-2020 is slowing down considerably and considering minimal growth during 2020 and 2021, supply seems to be outstripped by demand. Supply will most likely remain curbed, while Gazprom’s CEO is warning that there is no solution at the moment for issues with gas turbines, essential for the pipeline’s functioning. That said, refilling of storage tanks for the winter when demand typically peaks is threatened. With European gas supplies being already squeezed and on the back of a dearth of gas supplies for the coming winter, a return to coal now seems the only viable option for EU countries.
While gas demand in China will remain the engine of global LNG growth, disruptions in new LNG production out of the US which was set out to be the key to global balance over 2022, form the main market indicators which are pointing in the same direction and they are, undoubtedly, signaling a supply/demand imbalance that will continue to nibble sentiment in the short term.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- The University of Queensland
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
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