LNG Industry - April 2020

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COMMENT
DAVID ROWLANDS
EDITOR
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In these ‘strange and uncertain times’, we have not only
been given a deadly virus to overcome, but also a healthy
dose of reality.
In some ways, we have become too comfortable,
relying entirely on the complicated machine that is our
civilisation. You want food? Order it online. You want a
drink? Go to a bar. Admittedly, things have not quite reached
apocalyptic levels just yet, but now that some of these
commodities that we take for granted have been taken
away from us – for however long – an opportunity has been
provided for us to reflect on how truly blessed we are to live
in the 21st Century. Once we emerge from our bunkers with
vitamin D deficiencies and agoraphobic paranoia, I have no
doubt whatsoever that we will never be more grateful to do
something as simple as go to a café ever again.
Of course, the coronavirus pandemic will come to an end,
and all of the data proves that it will not be nearly as fatal
as some of those other well-known health emergencies, such
as The Black Death or Spanish Flu. Nevertheless, it will be
a challenge, not only for the millions that will lose family
members to the virus, but also the economy. As demand
dries up in a cohort of different industries, some companies
are likely to go under. Planning ahead becomes an activity
akin to looking into a crystal ball or playing with tarot cards,
as neither governments nor experts can agree on an exact
timeframe, with some predicting three months until we return
to some degree of normality, and others forecasting over a
year of restrictions.
LNG, of course, has not escaped the shadow of the virus.
According to Reuters, LNG suppliers have been flooding the
LNG spot market with excess cargoes as global demand
continues to dwindle.1 With industrial production beginning
to dry up, the same demand is simply not there for LNG. Of
course, once the crisis is well and truly over, industry will
look to ramp up production once more. However, who’s to say
that LNG will be the fuel of choice? Will Asian industry, for
instance, prefer to stick with coal for the short-term, opting
to avoid any potential complications surrounding LNG? All of
this remains to be seen.
Whilst we batten down the hatches and ride out this
storm, we hope you enjoy this latest issue of LNG Industry
magazine.
This issue includes features on cryogenic equipment,
pumps and valves, turbomachinery, loading arms, maintenance
and monitoring, and more. In addition to this, Thomas Liles of
Rystad Energy takes an in-depth look at the ever-interesting
Canadian LNG market, starting on page 10.
If you are currently working from home, why not add our
website to your bookmarks and follow
us on social media so that you can keep up-to-date with
the latest industry news. If you haven’t already, you can also
download the LNG Industryapp to ensure that you continue
to receive a free regular copy of the magazine, wherever you
are.
We will continue to work closely with the industry to
ensure that we bring you innovative new products, especially
in these unfortunate times when many of our long-standing
partners have had to postpone or cancel key industry
events.
1. JAGANATHAN, J., ‘RPT-UPDATE 2-LNG suppliers flood market with
excess spot cargoes as demand shrinks’, Reuters, (30 March 2020),
lng-suppliers-flood-market-with-excess-spot-cargoes-as-demand-
shrinks-idUKL1N2BN021