LNG bunkering market perspectives, challenges and trends

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1 LNG bunkering market perspectives, challenges and trends Moscow 31 March 2015 Sergiu Maznic

2 Full-picture perspective Sund Energy helps navigate into the energy future Energy Economics Environment Learning between countries, industries, energies, technologies and more In the small-scale LNG area, clients include: Sellers Buyers Ports Shipping companies Typical assistance: Strategy and business model Market analysis LNG contract negotiations Partner search and more by understanding the full picture of stakeholders Page 2

3 Four main types of small scale LNG customers Stranded industry - alternative fuel is LPG/ electricity Industrial users energy and heat, processing (fertilizers, refineries, etc.) - without pipeline gas available Industry wanting competitive supplies to incumbent For larger volumes, LNG could compete with pipeline gas Shipping alternative fuel is HFO or MGO/ MDO LNG to ships, encouraged by IMO regulations on sulphur emissions reduction and improved economics More ports planning for LNG bunkering option Gas mid-streamers Local gas distributors to gas network or small scale LNG Page 3

4 Supply Demand Small-scale LNG: Clusters add value and give flexibility Several uses and several sources of LNG could be optimised! Direct use as a ship fuel Direct use as a HDV fuel Cleaner offgrid industry Users with own LNG storage Delivered by truck/virtual pipeline Mid-small scale LNG Storage Regasification Small liquefaction plant Gas system Normal gas use BioLNG Biogas LNG cargo LNG Page 4

5 Bunkering: Fastest growing market for LNG Early development of LNG bunkering: Ferries in Norway Largely driven by subsidies (NOx-tax and fund) Northern Europe imposes new rules on sulphur emissions (ECA) From 2015 emissions need to be cut drastically Other countries to follow Mediterranean, US East coast, China? There are three main ways to comply: Use gas turbines or dual fuel engines with LNG as fuel best for new ships Install scrubbers allows for fuel oil, but sulphur needs to be managed Use MGO lighter, more expensive oil product Lower LNG prices and better availability: Growth accelerates With more competition and infrastructure, the choice of LNG is easier Several ship owners have chosen LNG for economic reasons Different contract preferences: Term, pricing mechanism etc Page 5

6 LNG uptake in the marine sector is accelerating LNG as marine fuel is taking off Three environmental drivers But economic potential is key! LNG as marine fuel kick-starting a virtuous circle for self-reinforcing growth Over 50 LNG-fuelled ships in traffic 77 confirmed newbuilds Potential for 1000 ships in traffic globally by 2020 Both dual fuel and LNG only Deep Sea vessels are next Expect significant volume here Also North of Russia Potential for liquefaction plants Easily higher margin than exports worth additional cost river ways largest environmental benefits Illustration: Sund Energy Source: DNV GL, Jan 2015 Page 6

7 USD/mmBTU Retail pricing in the bunkering market today Overall, HFO has been the fuel of choice But to become IMO-compliant, SOx scrubbers need to be installed MGO could be an easy fix to SOx emissions, but is expensive and scarce Over 90% of shipowners in ECA zone expected to take MGO LNG contracts currently offered for bunkers are varied, and kept quiet! MGO X TTF (Dutch gas hub) + Y 14 Bunker fuel vs gas price 12 Discount from MGO costs and margin MGO/MDO Fuel Oil (with SOx) TTF (Europe) Henry Hub (US) Domestic price in Russia* Source: Montel, Bunkerworld, March 2015 * Estimation of domestic Russian price based on Gazprom s data? Page 7

8 Bunkering LNG to ships opens for sale to trucks, too CNG/ LNG sales to road traffic could give good margins Alternative is oil products, particularly (polluting) diesel Buses, trailers/ fleet traffic and private cars, often in synergy with larger volumes delivered to other clients Technology is well known and currently being standardised Tax incentives from several governments LNG filling station Source: BiMe Trucks project, Sweden, 2013 Blending with biogas can create portfolio synergies Sales of «green certificates» and mutual flexibility (enhancing security of supply) Source: UPS LNG tank, trucktrend.com Page 8

9 No more Asian premium on LNG price Global LNG prices have fallen significantly Gas is struggling in the competition with coal Reduced netbacks led to LNG project delays and cancellations In the bunkering market LNG competes with oil products Higher payability even with falling oil price BG Group LNG update, September 2013 BG Group LNG update, March 2015 Source: BG Group Page 9

10 Bunkering can give higher netbacks for liquefaction! Baltic LNG Yamal LNG Pechora LNG Far Eastern LNG Sakhalin-2 Page 10

11 We are happy to discuss further! We offer strategic and commercial advice + partner selection Small and large buyers, producers, investors, governments, TSOs Gas, electricity, environment and more Selected recent work Sourcing strategy and gas contract (re)negotiations in Nordics/ Baltics Small-scale LNG value chain and market potential analysis Gas price scenarios for 2020 Sergiu Maznic Meltzersgate 4 N-0257 Oslo Norway Page 11

12 Global LNG prices are lower and converging Still several way of pricing Oil link is much lower after the slide in crude Henry Hub forward curve * 115% + $ $1.25 shipping to Europe European hubs (NBP/TTF) + premium Although an increasing number of cargos sold at spot prices What premium for transferring to small-scale, for transport, for profit/incentive? World LNG landed prices - April 2015 (FERC) Page 12

13 LNG Bunkering infrastructure is growing LNG bunkering is now possible in over 40 ports And many more planned Majority are in Europe Rotterdam that has come a long way quickly. LNG bunker barges and vessels are also possible Harbours, rivers etc to use on European rivers Potential for Russia s inland waterways with gas nearby Small liquefaction would be required Source: lngbunkering.org Page 13

14 The market has developed regionally Scandinavia first region, as they had special conditions Norway an early player with Gasnor (Shell) and Skangass the largest players Baltic Sea area and US Incentivized by ECA regulations More developments in other regions recently China, Singapore Other areas with potential Caribbean, Africa China Gas said it would offer bunkering for ships using the Yangtze River Page 14

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