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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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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
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