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