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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- The University of Queensland
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
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