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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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Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
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