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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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