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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, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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Showing 716 to 720 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
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