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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
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