We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
|
|
|
Showing 781 to 785 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- White Energy Company Limited
- GMR Energy Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
|
| |
| |
|
