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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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Minerals Council of Australia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Parliament of New Zealand
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