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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, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
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