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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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- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
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