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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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- Romanian Commodities Exchange
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- PTC India Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Australian Coal Association
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