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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
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