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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
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