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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
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