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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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Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
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, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Planning Commission, India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
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