Coal Age

OCT 2018

Coal Age Magazine - For more than 100 years, Coal Age has been the magazine that readers can trust for guidance and insight on this important industry.

Issue link:

Contents of this Issue


Page 40 of 51

October 2018 39 operating ideas continued port credit insurance can enhance a com- pany's borrowing capacity. By assigning these secured foreign accounts receivable to a lender, the exporters improves its li- quidity and eases cash flow constraints. EXIM Support for Coal Exports EXIM's support is available to businesses of all sizes, and small businesses com- prise 91% of EXIM's total authorizations. Thus, this insurance is designed to take the worry out of exporting so companies can enter new markets and boost their sales with the backing of the U.S. govern- ment. The coal industry and many others have used EXIM insurance to a great ef- fect — here are a few examples: Contura Energy is a private, Tennes- see-based coal supplier with custom- ers across the globe. It supplies metal- lurgical coal to produce steel and ther- mal coal to generate power. In 2017, Contura exported 8.2 million tons of coal to 22 countries. In one of those transactions, EXIM covered the politi- cal and commercial risk of a $7 million sale to a buyer in Egypt. Two Pennsylvania coal companies have used EXIM's short-term export credit insurance to support sales to a single foreign buyer because they wanted to extend open account credit terms while protecting against buyer nonpayment. EXIM covered $17 mil- lion of coking coal sales from Wilson Creek Energy LLC to a buyer in Uru- guay. Meanwhile, Lehigh Anthracite obtained insurance for a 60-day open account term on a sale of anthracite coal to a customer in Norway. EXIM gave these coal exporters the peace of mind and the assurance to win new business. Contact the EXIM Bank at (202-565-3901) to learn more or email Ex- James Burrows is EXIM's senior vice presi- dent, Office of Small Business. He has more than 30 years of professional experience in both the public and private sectors of the financial services industry, including com- mercial banking, retail banking and invest- ment banking. Burrows joined EXIM Bank as the vice president of Small Business in Oc- tober 2012 and was promoted to the senior vice president in 2013. Burrows has also held management positions at both large and re- gional commercial banks in the U.S. The Export-Import Bank (EXIM), a U.S. federal government agency, enables U.S. companies to enter new markets with confidence and in- crease sales in existing ones. EXIM products equip businesses of all sizes with the necessary tools to compete and win sales in international markets. EXIM empowers American exporters to grow their business by extending open account credit terms while protecting against buyer nonpayment, providing access to working capi- tal to improve cash flow, and offering financing for buyers of capital equipment and services. More than 90% of EXIM transactions support small businesses — no business and no deal are too small. Visit (904)356-6840 Providing Quality Products Since 1975 • 50% Brighter • Makes reflective material POP! • Fits older-style halogen XP enclosures • MSHA approved • Made in USA Phone: 812.490.1525 email: PATENT PENDING Safety Everyone Can See! Combines Bright LED & Safe-Spectrum UV

Articles in this issue

Links on this page

Archives of this issue

view archives of Coal Age - OCT 2018