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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Planning Commission, India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
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