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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 $25 per ton in rail fees, more than twice as much as Westshore charges to ship a ton of coal.)
Cloud Peak shelled out millions of dollars in such payments to both BNSF and Westshore during times of low international prices, and—ironically enough—frequently shipped coal at a loss to avoid even steeper losses from contractual penalties.
NTEC touted its purchase in 2019 of Powder River Basin mines as a “prudent investment,” pointing to a study (commissioned by the company itself) arguing that Spring Creek exports held the “potential for high profitability.” Yet Cloud Peak had also had made big bets on Spring Creek exports—and those bets helped cement the company’s financial collapse.
Now, NTEC’s gamble on coal exports is backfiring—just as it backfired on Cloud Peak.
This will only worsen difficulties for NTEC, which has recently agreed to an ill-advised expansion of its stake in the aging coal-fired Four Corners power plant in New Mexico and whose core business—coal production for the domestic electricity industry—is in severe decline, and not just because of COVID but because utility companies continue to aggressively abandon coal for cheaper and more modern forms of generation.
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Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
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- Toyota Tsusho Corporation, Japan
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- Standard Chartered Bank - UAE
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- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
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- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
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- Electricity Authority, New Zealand
- Wilmar Investment Holdings
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- GN Power Mariveles Coal Plant, Philippines
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- Planning Commission, India
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- Price Waterhouse Coopers - Russia
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- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
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- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
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- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
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- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
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- Jindal Steel & Power Ltd - India
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- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
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- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
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- Ministry of Transport, Egypt
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- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
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- Parliament of New Zealand
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- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
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- MS Steel International - UAE
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- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
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- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
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- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
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- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
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- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
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