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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Eastern Coal Council - USA
- White Energy Company Limited
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
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