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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
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