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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- The University of Queensland
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
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