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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 $25 per ton in rail fees, more than twice as much as Westshore charges to ship a ton of coal.)
Cloud Peak shelled out millions of dollars in such payments to both BNSF and Westshore during times of low international prices, and—ironically enough—frequently shipped coal at a loss to avoid even steeper losses from contractual penalties.
NTEC touted its purchase in 2019 of Powder River Basin mines as a “prudent investment,” pointing to a study (commissioned by the company itself) arguing that Spring Creek exports held the “potential for high profitability.” Yet Cloud Peak had also had made big bets on Spring Creek exports—and those bets helped cement the company’s financial collapse.
Now, NTEC’s gamble on coal exports is backfiring—just as it backfired on Cloud Peak.
This will only worsen difficulties for NTEC, which has recently agreed to an ill-advised expansion of its stake in the aging coal-fired Four Corners power plant in New Mexico and whose core business—coal production for the domestic electricity industry—is in severe decline, and not just because of COVID but because utility companies continue to aggressively abandon coal for cheaper and more modern forms of generation.
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Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
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