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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, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Directorate Of Revenue Intelligence - India
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- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
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- Metalloyd Limited - United Kingdom
- Planning Commission, India
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- Edison Trading Spa - Italy
- Minerals Council of Australia
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- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
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- Bhoruka Overseas - Indonesia
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- Georgia Ports Authority, United States
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- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Ministry of Transport, Egypt
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- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
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- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
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- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- Price Waterhouse Coopers - Russia
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- The State Trading Corporation of India Ltd
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- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
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- Ministry of Finance - Indonesia
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- Chamber of Mines of South Africa
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- Mintek Dendrill Indonesia
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- Anglo American - United Kingdom
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- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
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- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
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- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
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- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
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- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
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- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
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- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
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- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Heidelberg Cement - Germany
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