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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, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
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