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Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
 Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving grace for struggling coal producers in the western United States—are facing new strains from low prices and weak demand in the wake of the global COVID-19 crisis.
In its third-quarter financial statement released earlier this month, Westshore Terminals in British Columbia, the primary terminal for U.S. thermal coal bound for the Pacific Rim of Asia, reported a 47% quarter-over-quarter drop in thermal coal exports. Quarterly thermal coal shipments from the terminal fell to their lowest level since 2016, when global coal markets were overwhelmed by a massive supply glut that sent seaborne coal prices crashing.
Even though the Westshore terminal is in Canada, virtually all of its shipments of thermal coal—the type burned in power plants—come from U.S. mines, mostly located in Montana. Data from the U.S. Mine Safety and Health Administration suggest that Montana’s Spring Creek mine, owned by the Navajo Transitional Energy Company (NTEC), bore the brunt of the decline. Coal production at Spring Creek totaled 2.2 million tons during the third quarter of 2020, down from about 3.9 million tons during the year-ago quarter. On an annualized basis, Spring Creek production has now fallen to its lowest level since 2003 (See Figure 1).
Meanwhile, production at the Signal Peak mine, the other major U.S. thermal coal exporter that ships through Westshore, held roughly steady compared to the year-ago quarter. (Signal Peak has been in the news for other reasons, having to do with a fraud and embezzlement scheme perpetrated by former executives. Signal Peak is partially owned by FirstEnergy, also in the news for fraud allegations.) Westshore doesn’t disclose its customer volumes, but Signal Peak’s relatively stable production during the quarter suggests that NTEC’s Spring Creek mine accounted for the bulk of the decline in thermal coal exports through Westshore.
In a related wrinkle, Westshore reported that it took in “$2.6 million [Canadian] of customer shortfall payments” from July through September. This means that at least one of the terminal’s shippers is paying penalties for shipping less coal than promised.
If last quarter’s shortfall payments are indeed coming from NTEC, the company is probably paying even more in penalties to BNSF, the rail company that moves Spring Creek coal to Westshore. (Documents from the 2019 bankruptcy filing of Cloud Peak Energy, the previous owner of the mine, suggest the company paid a little over $25 per ton in rail fees, more than twice as much as Westshore charges to ship a ton of coal.)
Cloud Peak shelled out millions of dollars in such payments to both BNSF and Westshore during times of low international prices, and—ironically enough—frequently shipped coal at a loss to avoid even steeper losses from contractual penalties.
NTEC touted its purchase in 2019 of Powder River Basin mines as a “prudent investment,” pointing to a study (commissioned by the company itself) arguing that Spring Creek exports held the “potential for high profitability.” Yet Cloud Peak had also had made big bets on Spring Creek exports—and those bets helped cement the company’s financial collapse.
Now, NTEC’s gamble on coal exports is backfiring—just as it backfired on Cloud Peak.
This will only worsen difficulties for NTEC, which has recently agreed to an ill-advised expansion of its stake in the aging coal-fired Four Corners power plant in New Mexico and whose core business—coal production for the domestic electricity industry—is in severe decline, and not just because of COVID but because utility companies continue to aggressively abandon coal for cheaper and more modern forms of generation.
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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
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