Deutsche has fantastic note on what happens when LNG contracts roll off:
Inopportune time for LNG contract expiries
With substantial volumes of LNG offtake in the Pacific Basin set to expire by 2020, we expect LNG producers will aim to roll-forward expiring volumes into new offtake deals, as has successfully been done in the past. However, with LNG markets in the Pacific Basin over-supplied for the balance of this decade in our view, and excess LNG heading to Europe, the timing of upcoming offtake expiries is anything but opportune. In this note we examine the LNG contracting profiles of key LNG buyers with offtake expiries to 2020, and conclude key LNG buyers will likely have little appetite to roll-forward expiring volumes to 2020, in the absence of a positive demand shock.
