We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 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 ...
|
|
|
Showing 736 to 740 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
|
| |
| |
|
