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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, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
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- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
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