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Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
 LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourage higher consumption. More specifically, according to Refinitiv estimates, this summer, there may be a global surplus of about 4 billion cbm available for NW Europe, with the U.S. making up the majority of that excess. Currently, the global LNG market is pivoted by Europe’s LNG contracting activity ahead of the following winter, as well as competition for cargoes from Southeast Asian price-sensitive buyers.
Natural Gas Pricing
Pricing dynamics are critical because they reflect the interaction between fundamentals and macroeconomic and geopolitical risks. The market will need to be carefully balanced, and the rebound in China's demand and the demand of Asia's price-sensitive buyers will be key factors. As the price of LNG has decreased (last Friday the Northeast spot Asian price was assessed at $12.5/MMBtu, down 16.6% m-o-m), there is now greater spot demand in Asia, with price-sensitive consumers returning to the market, including Bangladesh, India, smaller Chinese LNG firms, Singapore, Indonesia, and Malaysia, as well as Philippines and Vietnam that are also expected to enter the spot market this summer.
LNG Freight Rates
Since the beginning of the year, vessel rates have embarked on a downward trajectory. In the 2022 competitive market, freight rates in the Atlantic averaged close to $160,000/day as vessels competed to move cargoes to Europe. However, since the beginning of 2023, the freight market has been pivoted by a combination of lower natural gas prices and increased vessel supply, notably in the Atlantic Basin, thus exerting more pressure on rates. Spot rates currently stand above historical average Q1 levels, yet notably lower than the highs recorded in 4Q2022. On the other hand, T/C rates are currently seen as robust, reflecting future tightness in the market.
LNG Newbuilding Activity
Based on recent orders signed with South Korean shipyards, LNG newbuilding prices increased in the first quarter of 2023 amid high demand, limited shipbuilding capacity, and increasing inflation. More specifically, according to our preliminary data prices have climbed to $253 million during 1Q2023, 127% above the 5-year average newbuilding price (in a Korean yard). In terms of the number of orders, during 1Q2023, 17 vessels have been ordered versus 37 during 1Q2022 due to extremely tight shipbuilding capacity, especially in the top 3 Korean yards.
LNG S&P Activity
During 1Q2023, a total of 6 sales of second-hand LNG vessels have been reported, with 50% of the vessels sold being less than 10 years. In 1Q2023, the price for a 5-year-old LNG vessel stood at $245 million, 128% above the 5-year average, while the price for a 10-year-old LNG vessel hovered close to $155 million, 121% above the 5-year average.
Demolition Activity
The year kicked off a good start in terms of LNG carrier scrap sales, which in 2022 totaled just one vessel. So far in 1Q, a total of 3 vessels have been sold for scrapping at robust prices as owners scramble to replace their older tonnage ahead of new regulations on shipping emissions.
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
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