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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- The University of Queensland
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- PTC India Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
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