天然氣增加它的重要性並取代石油，成為世界能源的主要來源。氣體是由不同指數化價格驅動的低成本能源，其最近的液化能力建立新高效的運輸方式，它保證減少碳污染;由於這些特點天然氣表示能源革命。美國東海岸是主要供應商之一，亞洲需求增加至 50%的全球消費量。尼加拉瓜大運河將受益于天然氣的運輸。這一分析解釋了運河的建造對天然氣的重要性，建設運河是策略尼加拉瓜在能源市場的增長和發展，提高美國的出口競爭力和亞洲的成本管理。這項研究提供尼加拉瓜大運河在跨太平洋貿易由氣體能源革命的可行性分析。

Natural Gas has increased its importance and displaced Oil as the main source of World Energy. Gas is a low cost energy driven by the different indexation of prices, its recent liquefaction capabilities have established a new efficient way of transportation, it promises reduction of carbon pollution; because of these features Natural Gas represents an Energy Revolution. East Coast of America is one of the main suppliers, and Asia demand has increased to 50% of global consumption. The Grand Canal of Nicaragua will benefit from the transport of Natural Gas. This analysis explains why the Natural Gas is important for the construction of the Canal, and how the Canal is strategic for the growth of Nicaragua and development of the energy market, improving U.S. export competitiveness and Asia’s cost management. This research provides a viability analysis of Nicaragua Grand Canal in the transpacific trade driven by the Gas Energy Revolution.

ABSTRACT i
摘要 ii
ACKNOWLEDGMENTS iii
LIST OF CONTENTS iv
LIST OF TABLES vii
LIST OF FIGURES viii
LIST OF ACRONYMS ix
EXECUTIVE SUMMARY 1

CHAPTER I
LIQUEFIED NATURAL GAS 3
AGE OF GAS 3
NATURAL GAS MARKET 5
TECHNOLOGY ADVANCES 7
GLOBAL PRICES 8
BUSINESS MODEL 11
Contract Structure 11
PACIFIC BASIN DEMAND 13
China 14
JKT (Japan, Korea, Taiwan) 17
UNITES STATES PRODUCTION 18
LNG Licensing 19
LNG Exports 20
INTER-BASIN TRANSPORT 21

CHAPTER II
TRANSPACIFIC TRADE 22
CONTAINERAZATION 25
ECONOMY OF SCALES 28
VESSELS 29
CARRIERS 31
INTEROCEANIC ROUTES 33
PANAMA CANAL 34
NICARAGUA CANAL 36
Funding 39

CHAPTER III
ANALYSIS 43
THE STUDY APPROACH 43
U.S. CASE SCENARIOS 43
Spot Prices 46
PANAMA CANAL TRADE 48
LNG Toll Assessment 53
Next capacity max-out 54
THE NICARAGUA GRAND CANAL 55
DISCUSSION 56

CHAPTER IV
GROWTH & RISKS 58
ENVIRONMENTAL RISKS 59

CHAPTER V
CONCLUSIONS 61
LIMITATIONS AND FURTHER RESEARCH 63

REFERENCES 64
WEBSITE REFERENCE 66
APPENDIX A 68
APPENDIX B 72
APPENDIX C 73

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