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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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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Aditya Birla Group - India
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