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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, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- The University of Queensland
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
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