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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, 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.
...
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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- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Interocean Group of Companies - India
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