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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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- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
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