LNG macro analysis, page-81

Well, things are 'Heating Up' especially at Gaslog ! Not to mention Cheniere & Dominion Energy’s Cove Point i see, Hopefully our turn to fire up the 'Fridge' is only a matter of time now !

Monaco-based LNG shipper GasLog’s profit in the first quarter more than doubled during the first quarter of 2018 compared to the first quarter of 2017.

Profit attributable to the owners of GasLog was $19.3 million for the quarter ended March 31, 2018, compared to $8.8 million in the corresponding period of 2017.

The increase in profit was attributed to the increased profit from operations mainly due to the higher number of operating days due to the vessels’ deliveries in the first quarter of 2018 and the increased contribution of our vessels operating in the spot market, partially offset by the increase in finance costs.

During the quarter, the company took delivery of three newbuilds, the GasLog Houston, the GasLog Genoa and the GasLog Hong Kong

The company noted in its report its quarterly revenues reached record figures at $138.5 million
Paul Wogan, CEO of GasLog added that the figures were boosted by the stronger performance of the vessels operating in the Cool Pool.

GasLog added that during the quarter global LNG supply continued to increase, with Wood Mackenzie forecasting 9 percent growth in volumes during 2018.

“As expected, LNG carrier spot rates experienced a seasonal decline from the multi-year highs of the fourth quarter 2017. However, headline spot rates remain higher year-on-year, and there are signs that rates have bottomed out as buyers now look to source supply for cooling demand in the Northern Hemisphere summer and heating demand in the Southern Hemisphere winter” Wogan said, adding the company expects rates to strengthen in the second half of this year.

This positive outlook and the perceived requirement for new ships have resulted in 18 firm newbuild LNG carrier orders so far in 2018, of which two are GasLog vessels.

GasLog added it expects between 35 and 62 additional LNG carriers will be needed by the end of 2022 and potentially as many as 117 vessels by 2025 to satisfy projected market growth.

www.lngworldnews.com/gaslogs-first-quarter-profit-soars/


US LNG export player Cheniere reported a jump in its quarterly net income and revenue as production continued to rise at its Sabine Pass facility in Louisiana.

Cheniere posted net income of $357 million, or $1.52 per share, compared to net income of $54 million, or $0.23 per share for the comparable 2017 period.

The increase in net income was primarily due to increased income from operations as a result of additional trains in operation at the Sabine Pass liquefaction end export project, the company said on Friday.

The company’s revenues rose to $2.4 billion in the quarter under review as compared to $1.21 billion the year before.

During the three months, 67 LNG cargoes were exported from the Sabine Pass facility. Three cargoes exported from the facility and sold on a delivered basis were in transit as of March 31, Cheniere has said.

“Our record first quarter 2018 results are the product of a robust LNG market and superior execution throughout the company, and we are raising our full year 2018 guidance to reflect our year to date performance coupled with LNG market pricing that is stronger and more durable than we previously forecast,” said Jack Fusco, Cheniere’s President and CEO.

“Solid LNG market fundamentals and the strategic positioning of our world-class LNG platform reinforce my confidence in our long-term growth prospects. We continue to progress Train 3 at Corpus Christi and expect to make a positive final investment decision on that project in the coming weeks,” added Fusco.

www.lngworldnews.com/chenieres-net-income-revenue-surge-in-q1/


Asian spot prices for liquefied natural gas (LNG) reportedly remained firm over the past week, supported by strong oil and coal markets.

Asian LNG prices for delivery in June LNG-AS were at $8.1 per million British thermal units (mmBtu), up 15 cents from last week’s value and more than 15 percent above a seasonal low from early April, Reuters reported on Friday.

Citing traders, the report further said that prices remained firm despite LNG markets being in the midst of the northern hemisphere’s low-demand spring season, during which little gas is used.

In physical markets, Taiwan’s state utility CPC bought LNG for June via a tender for about $8.30 per mmBtu, according to the report.

South Korea’s SK Energy is also seeking a cargo for early June and July delivery, while India’s Gail awarded 12 LNG cargoes to Dominion Energy’s Cove Point LNG export facility in the United States this week, the report said.

In Africa, Cameroon is preparing its first LNG cargo from the Golar LNG-built Hilli Episeyo Floating LNG facility, with the Galicia Spirit tanker due to load while Angola also issued an LNG export tender this week, it said.

www.lngworldnews.com/asian-spot-lng-prices-steady/