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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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