2022-09-28-IGU-2022年世界液化天然气报告_71页_11mb

IGU World LNG Report 2022 Summary

Core Content

The IGU World LNG Report 2022 provides an in-depth analysis of the global LNG industry, covering trade, price trends, liquefaction plants, shipping, regasification terminals, and bunkering infrastructure. It highlights the role of LNG in global energy security, the impact of geopolitical events on market dynamics, and the ongoing transition toward decarbonisation.

Main Points

1. Global LNG Trade

• Growth: Global LNG trade increased by 4.5% from 2020 to 2021, reaching an all-time high of 372.3 million tonnes (MT).
• Top Exporters:
  • Australia: Largest exporter with 78.5 MT of exports in 2021.
  • Qatar: Second-largest exporter with 77.0 MT of exports.
  • United States: Third-largest exporter, with 67.0 MT of exports, up by 22.3 MT or 50% compared to 2020.
  • Egypt: Significant growth, increasing exports by 5.2 MT or 390.5%.
  • Algeria: Exported 1.2 MT, up by 11.3%.
• Top Importers:
  • China: Became the largest importer, with 79.3 MT of net imports in 2021.
  • Asia Pacific: Continued to be the largest net importing region with 155.7 MT of net imports.
  • Japan: Second-largest net importer with 74.3 MT of net imports.
• New Importers: Croatia became the 39th importing market in 2021, importing 1.2 MT of LNG.
• Re-Exports:
  • Re-exported volumes increased by 35% in 2021, reaching 3.5 MT.
  • Spain and France were the top re-exporters.
  • Europe accounted for 67% of re-exported volumes, while Asia Pacific accounted for 19%.

2. Price Trends

• Spot LNG Prices: Surged to historic highs in 2021 due to post-pandemic demand recovery and supply constraints.
• European Benchmarks: Exceeded Asian benchmarks, particularly due to the Russia-Ukraine conflict.
• Forward Curve Expectations: Market expectations indicated that JKM (Japan Korea Marker) prices may remain below TTF (Title Transfer Facility) prices into 2023.
• Contractual Basis: Nearly 50 MT of contracts signed in 2021 were on an FOB (Free On Board) basis, compared to 12 MT in 2020.

3. Liquefaction Plants

• Global Capacity: Reached 459.9 MTPA by the end of 2021, with an increase of 6.9 MTPA.
• New Projects in 2021:
  • PFLNG Dua (1.5 MTPA)
  • Corpus Christi T3 (4.5 MTPA)
  • Yamal LNG T4 (0.9 MTPA)
• 2022 Additions: An additional 12.5 MTPA was added in the first four months of 2022, raising global liquefaction capacity to 472.4 MTPA.
• Top Markets:
  • United States: Second-largest liquefaction market with 86.1 MTPA as of April 2022.
  • Qatar: Third-largest liquefaction market with 77.1 MTPA.
  • Australia: Still the largest with 87.6 MTPA.
• Under Construction: 136.2 MTPA of liquefaction capacity was under construction or approved for development as of April 2022, with only 7.7 MTPA expected to come online in the second half of 2022.

4. Liquefaction Technologies and Trends

• Floating Liquefaction (LNG-FPSOs): Played a significant role in the expansion of liquefaction capacity.
• QatarGas NFE Project: Added 32.0 MTPA to global approved liquefaction capacity, positioning Qatar as a global leader.
• Geopolitical Impact: The Russia-Ukraine conflict and international sanctions have created uncertainty in Russia’s liquefaction projects.

5. Regasification Terminals

• Global Capacity: Reached 901.9 MTPA as of April 2022, with additions of 49.8 MTPA in 2021 and 4.3 MTPA in the first four months of 2022.
• New Terminals: Five new terminals started operations in Indonesia, Croatia, Turkey, Kuwait, and Mexico.
• FSRUs: Floating storage and regasification units (FSRUs) are becoming more important in supply diversification.
• Under Construction: 164.8 MTPA of new regasification capacity is under construction, including 19 onshore terminals, 12 FSRUs, and 13 expansion projects.
• New Importers: Expected to include Ghana, Senegal, and the Philippines by year-end 2022.

6. LNG Shipping

• Active Fleet: As of April 2022, there were 641 active LNG vessels, including 45 FSRUs and 5 FSUs.
• Fleet Growth: The global fleet grew by 9.9% in 2021, with the delivery of 57 carriers and 4 FSRUs.
• Charter Rates: Volatile throughout 2021, peaking at $190,000/day for steam turbine vessels, $255,000/day for TFDE/DFDE vessels, and $290,000/day for X-DF/ME-GI vessels.
• Technological Advancements: The second generation of X-DF and the new generation M-type vessels with ME-GA propulsion systems are becoming popular.
• Vessel Sizes: Average capacity of active vessels is 7,200 cm³, while on-order vessels have an average of 9,200 cm³.

7. LNG Bunkering

• Facilities: There are 84 LNG bunkering facilities globally, with 49 in Europe, 24 in Asia, 6 in North America, 4 in Australia, and 1 in South America.
• Bunkering Vessels: The global LNG bunkering fleet grew by 9 vessels in 2021 and 2 vessels in the first four months of 2022, reaching a total of 30 vessels.
• Orderbook: An additional 16 vessels are on order, to be delivered in the coming years.
• Environmental Impact: LNG is being increasingly used to decarbonise the shipping sector.

8. LNG Bunkering and Terminals

• LNG Bunkering: Growth is driven by the need for compliance with stricter environmental regulations.
• Ship-to-Ship Transfers: Increasingly common, with 138 X-DF systems and 41 ME-GA systems on order.

Key Information

• Energy Security: LNG plays a crucial role in energy security, especially as the Russia-Ukraine conflict disrupts traditional gas supplies.
• Decarbonisation: LNG is a key player in the energy transition, offering a flexible and reliable energy source.
• Policy Clarity: The report stresses the importance of policy clarity and consistent signals from the public sector to support industry investment and financial stability.
• Market Expansion: Africa and Latin America are emerging as important markets for LNG, with significant proposed liquefaction capacity in Africa and new importers in Latin America.
• Technological Innovation: The industry is moving towards more sustainable and innovative technologies to reduce emissions throughout the LNG value chain.

Conclusion

The IGU World LNG Report 2022 underscores LNG's critical role in global energy security and decarbonisation. Despite challenges such as supply constraints, geopolitical tensions, and financing issues, LNG remains a vital component of the global energy mix. The report highlights the importance of policy support, technological innovation, and market diversification to ensure the long-term sustainability and growth of the LNG industry.