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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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Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
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