Australian LNG exports hit record high

Australian LNG exports hit a new record high in June and in fiscal 2022 which ended last month, according to EnergyQuest.

In June, Australian projects shipped in total 7.31 million tonnes or 106 cargoes, slightly higher than the record of 7.23 million tonnes in October, the consultancy said in its monthly report.

Compared with May, Australian projects delivered seven fewer cargoes to China, Korea and Japan in June while there were no cargoes delivered to Europe.

West coast shipments increased to a record 5.5 Mt in June, with 79 cargoes in June compared to 72 in May while east coast LNG shipments decreased to 1.8 Mt in June, with 27 cargoes compared to 29 in May, and 27 cargoes of 1.8 Mt a year ago.

There were four spot cargoes reported for shipping from Australian projects in June, two spot cargoes from the east coast and two spot cargoes from the west coast.

EnergyQuest estimates that Australian LNG export revenue increased in June to a record $7.18 billion, up from $6.38 billion in May and up by 135 percent on June 2021.

Record LNG exports in fiscal 2022, China volumes dip

EnergyQuest estimates Australia exported a record 82.6 Mt of LNG in the 12 months to June 30, 2022, well up on the 77.3 Mt in fiscal 2021, and more than the previous record set in fiscal 2020 of 79.3 Mt.

China lost its position as Australia’s top export destination in the fiscal year with 25 Mt or 38 percent of Australian export volume, less than 28.3 Mt in fiscal 2021, the consultancy said.

In the 11 months to May Chinese LNG imports decreased by 4 percent while imports from Australia fell by 12 percent to 25 Mt from 28.3 Mt in the corresponding period in 2021.

This resulted in Australia’s market share falling to 38 percent from 41 percent a year earlier.

The fall in Australian China deliveries of 3.3 Mt was the largest of any supplier to China and was offset by increased China deliveries from Qatar (+2.3 Mt) and the US (+1 Mt), EnergyQuest said.

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