Closure of the Port of Baltimore, the second largest U.S. hub for coal shipments, prompted the Vitality Info Administration on Tuesday to chop its forecast for April coal exports by 33% and Could coal exports by 20%.
The EIA beforehand predicted coal shipments would rise by ~1% this yr to 100.8M tons, but it surely now expects exports to say no by 6% to 94.5M tons following the collapse of the Francis Scott Key Bridge and ensuing port closure.
“We anticipate U.S. coal exports to recuperate towards the top of the summer time or early fall, however there’s important uncertainty based mostly on the timeline for the port reopening,” the EIA stated.
Coal exports have been rising in recent times as home utilities shift to cleaner fuels, making worldwide markets vital for U.S. corporations; the Port of Baltimore accounted for ~28% of U.S. exports final yr.
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