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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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Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
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- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
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- Minerals Council of Australia
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- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
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- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
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- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
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- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
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- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
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- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
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- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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