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Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
 Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing and increased metallurgical coal volumes, the company said.
First quarter income from continuing operations, net of income taxes, totaled $208.3 million, reflecting $169.6 million of depreciation, depletion and amortization and $36.3 million of interest expense. Net income attributable to common stockholders totaled $106.6 million for the quarter and included a non-cash dividend charge of $102.5 million related to the conversion of preferred shares during the quarter. All remaining preferred shares converted to common stock as of Jan. 31, 2018.
According the company, Australian thermal realized pricing increased 10 percent to $53.42 per ton in the first quarter, supported by strong seaborne coal fundamentals despite a larger mix of lower-priced domestic Australian sales. Adjusted EBITDA margins totaled 31 percent for the Australian thermal segment as robust seaborne pricing mitigated the impacts of 17 percent lower volumes and higher costs associated with a scheduled longwall move at the Wambo Mine; impacts from weather; and temporary lack of coal availability due to geology at the Wilpinjong Mine.
Seaborne thermal and metallurgical coal pricing remained robust on solid Asian-Pacific demand, while experiencing a gradual rebasing from elevated levels in the first quarter, the company further said.
Through March, the company said, seaborne thermal coal demand rose compared to the prior year, supported by increased imports in China, India and ASEAN countries. Chinese thermal coal imports increased approximately 16 million tonnes over the prior year through March as cold weather drove an approximately 10 percent increase in power consumption and impacted domestic coal production and rail transportation. Indian thermal coal imports rose approximately 21 percent year over year due to utility restocking, weak domestic production and rail bottlenecks. ASEAN imports increased over the prior year on continued economic growth and rising coal generating capacity. Overall, Australian thermal coal exports were in line with the prior year.
With respect to seaborne metallurgical coal demand, global steel production increased 4 percent through February compared to the prior year. India imports increased 21 percent through March compared to the prior year on strong steel production, while Chinese metallurgical imports declined approximately 5 million tonnes year over year despite strong domestic steel production. At the same time, Australian metallurgical exports were in line with the prior year.
Seaborne metallurgical coal prompt prices increased approximately $60 per tonne to an average of $228 per tonne in the first quarter compared to the prior year, with the index-based settlement price for premium hard coking coal set at approximately $237 per tonne, compared to the prior year settlement of $285 per tonne. The first quarter benchmark low-vol PCI price was set at $156.50, with the second quarter benchmark low-vol PCI price negotiated at $155 per tonne.
In the U.S., thermal coal demand declined 3 percent from the prior year on increased gas and wind generation as weak natural gas pricing continues to suppress coal demand. As a result, Powder River Basin coal consumption was roughly flat through March year over year. U.S. thermal exports remained robust, increasing approximately 38 percent over the prior year. U.S. coal production declined approximately 3 percent in the first quarter. Combined, these factors led to ending March inventories decreasing approximately 10 million tons from the prior year to approximately 49 days of maximum burn.
Second Quarter 2018 Expectations compared to the first quarter, the company forecasts that, the Australian thermal volumes are expected to increase sequentially throughout the year and unit costs are expected to improve;
Metallurgical costs are expected to decline as operational improvements are anticipated to mitigate the impacts of a North Goonyella longwall move bridging the second and third quarters;
In the U.S., Peabody expects traditional lower shoulder season PRB volumes in the second quarter. In addition, the company anticipates second quarter costs to improve in the Midwest segment relative to the first quarter 2018 given improved equipment availability; and
According to company’s press release, Peabody is the leading global pure-play coal company, serving power and steel customers in more than 25 countries on six continents. The company offers significant scale, high-quality assets, and diversity in geography and products. Peabody is guided by seven core values: safety, customer focus, leadership, people, excellence, integrity and sustainability.
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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Kartika Selabumi Mining - Indonesia
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- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Economic Council, Georgia
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- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
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- India Bulls Power Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
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- Africa Commodities Group - South Africa
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- Barasentosa Lestari - Indonesia
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- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
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- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
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- Renaissance Capital - South Africa
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- Global Coal Blending Company Limited - Australia
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- Leighton Contractors Pty Ltd - Australia
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- Australian Commodity Traders Exchange
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- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
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- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
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- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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- PetroVietnam Power Coal Import and Supply Company
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- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
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- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
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- White Energy Company Limited
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- Therma Luzon, Inc, Philippines
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- Mjunction Services Limited - India
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- Riau Bara Harum - Indonesia
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- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
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- Global Green Power PLC Corporation, Philippines
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- Parliament of New Zealand
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- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
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- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
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- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
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- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
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- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- The University of Queensland
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- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
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