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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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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
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