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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, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
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