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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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Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
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