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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Sakthi Sugars Limited - India
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- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
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- Bangladesh Power Developement Board
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- Trasteel International SA, Italy
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- Singapore Mercantile Exchange
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- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
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- Eastern Coal Council - USA
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- Marubeni Corporation - India
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- Energy Link Ltd, New Zealand
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- London Commodity Brokers - England
- Chamber of Mines of South Africa
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- Sindya Power Generating Company Private Ltd
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- Economic Council, Georgia
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- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
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- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
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- Indian Oil Corporation Limited
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- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
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- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
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- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
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- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
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- Commonwealth Bank - Australia
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- Semirara Mining and Power Corporation, Philippines
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- Deloitte Consulting - India
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- Australian Coal Association
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- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
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- Planning Commission, India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
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- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Minerals Council of Australia
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- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
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- White Energy Company Limited
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