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 capacity, regasification terminals, shipping developments, and bunkering infrastructure. The report highlights the role of LNG in the global energy transition, emphasizing its importance in ensuring energy security, reducing emissions, and supporting economic stability in the context of the ongoing Russia-Ukraine conflict and the post-pandemic recovery.

Main Points

1. LNG Trade

• Global LNG trade increased by 4.5% from 2020 to 2021, reaching an all-time high of 372.3 million tonnes (MT).
• Asia Pacific remained the largest export and import region, with 131.2 MT exported and 155.7 MT net imported in 2021.
• China became the largest LNG importer in 2021, importing 79.3 MT, surpassing Japan.
• Australia continued as the largest exporter, with 78.5 MT of exports in 2021.
• Qatar was the second-largest exporter, with 77.0 MT of exports.
• United States saw a significant increase in exports, rising by 22.3 MT or 49.8%.
• Egypt and Algeria also contributed to the growth in exports, with increases of 5.2 MT and 1.2 MT, respectively.
• Re-exported volumes increased by 35% in 2021, from 2.6 MT to 3.5 MT, representing about 1% of global LNG trade.

2. Price Trends

• Global LNG prices surged to historic highs in 2021 due to strong demand recovery and supply constraints.
• Spot LNG prices remained above long-term contract formulas based on Brent and Henry Hub.
• The JKM/TTF relationship showed Europe's growing role as a premium LNG buyer, while Asian demand elasticity emerged due to the Russia-Ukraine conflict.
• Market expectations indicated that JKM prices might remain below TTF well into 2023.

3. Liquefaction Plants

• Global liquefaction capacity reached 459.9 MTPA in 2021, adding 6.9 MTPA compared to 2020.
• New liquefaction projects came online in 2021, including PFLNG Dua, Corpus Christi T3, and Yamal LNG T4.
• In the first four months of 2022, 12.5 MTPA of new liquefaction capacity was added, bringing the total to 472.4 MTPA.
• United States became the second-largest liquefaction market with 86.1 MTPA as of April 2022.
• QatarGas North Field East (NFE) project added 32.0 MTPA to global approved liquefaction capacity, with plans to increase production to 110.0 MTPA by 2025.
• Africa has 123.9 MTPA of proposed liquefaction capacity, which could position it as a key LNG export region if developed.

4. Regasification Terminals

• Global regasification 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.
• Five new terminals started operations in Indonesia, Croatia, Turkey, Kuwait, and Mexico, contributing 23.6 MTPA of new capacity.
• China and Japan expanded regasification capacity at existing facilities.
• Floating Storage and Regasification Units (FSRUs) played a crucial role in expanding regasification capacity, with 32 operational terminals and 12 new FSRUs under construction.
• 10 offshore/floating terminals are scheduled to enter service by the end of 2022, including new importers like Ghana and the Philippines.
• India is expected to bring its first FSRU-based terminal into service in 2022, enhancing its regasification capabilities.

5. LNG Shipping

• As of end-April 2022, there were 641 active LNG vessels, including 45 FSRUs and five FSUs.
• The global fleet grew by 9.9% in 2021, with 57 carriers and four FSRUs delivered.
• LNG voyages increased by 11.8% in 2021 due to post-pandemic demand recovery, colder winters, and increased industrial demand.
• Charter rates were volatile in 2021, peaking at $190,000/day for steam turbine vessels and $290,000/day for X-DF/ME-GI vessels.
• The orderbook for LNG carriers includes 138 X-DF systems and 41 ME-GA systems, with an average capacity of 9,200 cm for vessels on order.

6. LNG Bunkering Vessels and Terminals

• LNG bunkering demand is growing as the global shipping fleet seeks to decarbonize and comply with environmental regulations.
• 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.
• The LNG bunkering fleet increased by 9 vessels in 2021 and 2 vessels in the first four months of 2022, totaling 30 vessels.
• 16 vessels are on the orderbook, with an average capacity of 9,200 cm.
• Ship-to-ship transfers are becoming more common, with notable developments in Singapore, Japan, and Brazil.

Key Information

• LNG trade is vital for global energy security, especially as the Russia-Ukraine conflict disrupts traditional gas supply routes.
• Price volatility in the LNG market is driven by demand recovery, supply constraints, and geopolitical tensions.
• Liquefaction capacity has been increasing, with the US and Qatar leading the way, while Africa's proposed projects could reshape the global landscape.
• Regasification capacity is expanding in both established and new markets, with FSRUs playing a key role in meeting demand.
• LNG shipping has seen a surge in activity, with new technologies like X-DF and ME-GA systems becoming popular.
• LNG bunkering is growing due to the need for cleaner fuels in the shipping industry, with more facilities and vessels expected to come online.

Conclusion

The 2022 IGU World LNG Report underscores the critical role of LNG in the global energy transition, emphasizing its importance in ensuring security, affordability, and sustainability. Despite challenges such as supply constraints and policy uncertainty, the industry is adapting through innovation and diversification, with significant developments in trade, capacity, and shipping. The report highlights the need for policy clarity and investment in decarbonisation to support the long-term sustainability of the LNG sector.