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MarketScreener Homepage  >  Equities  >  Tokyo  >  Chubu Electric Power Company, Incorporated    9502   JP3526600006

CHUBU ELECTRIC POWER COMPANY, INCORPORAT

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Japan's Osaka Gas looks to Europe to sell spare LNG cargoes - sources

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01/21/2020 | 06:00am EST
FILE PHOTO:  The entrance of Osaka Gas' showroom pictured in Osaka

Japan's Osaka Gas has offered two liquefied natural gas (LNG) cargoes from the newly-commissioned Freeport LNG project in the United States for delivery into Europe, industry sources said.

Mild weather in Japan and a weaker Chinese economy have helped to drag the global LNG market to multi-year lows and forced Asian sellers to seek alternative markets.

Osaka Gas has offered the cargoes for delivery into Europe between July 5 and 13 and Nov. 9 and 17, said three of the sources, who asked not to be named because they are not authorised to speak to the press.

Bids, which are linked to Dutch TTF prices, are due by Jan. 22, they added.

An Osaka Gas spokesman declined to comment on the tender, but confirmed the company's first cargo from Freeport, which loaded in December, did not go to Japan. He declined to give further details.

The Freeport project shipped its first LNG cargo for Train 1 from its liquefaction facility located on Quintana Island in Freeport, Texas, in September, last year.

Osaka Gas and JERA Co, a joint venture between Tokyo Electric Power Co and Chubu Electric Power Co, are expected to each lift half of Freeport LNG Train 1's total contracted capacity of about 4.64 million tonnes per annum (mtpa).

Freeport has liquefaction tolling agreements with Osaka Gas and JERA from Train 1 for approximately 20 years. Under the deal, both companies will secure LNG without destination restrictions, increasing selling and pricing options.

With a mild winter reducing Japan's appetite for LNG, Europe is the most likely destination for these cargoes, given cheaper freight rates than to Asia, a Japan-based trader said.

Weaker-than-expected demand from North Asia and a flood of supply from the United States have already pushed Asian spot prices below $5 per British million thermal units (mmBtu), the lowest in more than a decade for the time of year. <LNG-AS>

Freeport is expected to load 11 cargoes in January, up from 7 in December, ship-tracking data from Refinitiv Eikon showed.

Freeport said on Jan. 17 it had started commercial operations for the second liquefaction train with the commencement of gas deliveries from BP under a 20-year tolling agreement.

By Ekaterina Kravtsova and Jessica Jaganathan

Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER COMPANY, INCORPORATED -0.43% 1521 End-of-day quote.0.07%
OSAKA GAS CO., LTD. -0.42% 1875 End-of-day quote.-0.48%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED -0.23% 436 End-of-day quote.0.00%
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Financials (JPY)
Sales 2020 3 049 B
EBIT 2020 118 B
Net income 2020 171 B
Debt 2020 2 192 B
Yield 2020 3,29%
P/E ratio 2020 6,65x
P/E ratio 2021 9,15x
EV / Sales2020 1,10x
EV / Sales2021 1,12x
Capitalization 1 150 B
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Technical analysis trends CHUBU ELECTRIC POWER COMPA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 1 816,25  JPY
Last Close Price 1 521,00  JPY
Spread / Highest target 41,4%
Spread / Average Target 19,4%
Spread / Lowest Target 1,91%
EPS Revisions
Managers
NameTitle
Satoru Katsuno President & Representative Director
Akihisa Mizuno Chairman
Yoshinori Masuda Representative Director & Executive Vice President
Chiyoji Kurata Representative Director & Executive Vice President
Akinori Kataoka Representative Director & Executive Vice President
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