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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 $25 per ton in rail fees, more than twice as much as Westshore charges to ship a ton of coal.)
Cloud Peak shelled out millions of dollars in such payments to both BNSF and Westshore during times of low international prices, and—ironically enough—frequently shipped coal at a loss to avoid even steeper losses from contractual penalties.
NTEC touted its purchase in 2019 of Powder River Basin mines as a “prudent investment,” pointing to a study (commissioned by the company itself) arguing that Spring Creek exports held the “potential for high profitability.” Yet Cloud Peak had also had made big bets on Spring Creek exports—and those bets helped cement the company’s financial collapse.
Now, NTEC’s gamble on coal exports is backfiring—just as it backfired on Cloud Peak.
This will only worsen difficulties for NTEC, which has recently agreed to an ill-advised expansion of its stake in the aging coal-fired Four Corners power plant in New Mexico and whose core business—coal production for the domestic electricity industry—is in severe decline, and not just because of COVID but because utility companies continue to aggressively abandon coal for cheaper and more modern forms of generation.
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Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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Showing 766 to 770 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
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