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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- The University of Queensland
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
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