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Consol Energy (NYSE:CEIX) -7.2% in Tuesday's trading, slightly off earlier lows, as vessel access in and out of its Consol Marine Terminal has been delayed following the collapse of the Francis Scott Key bridge near the Port of Baltimore.
Consol (CEIX) said it does not have a timeline for when vessel access or normal operations will resume, and is "looking at all available options to us to minimize or address direct and indirect impacts to the company and its operations."
The Consol (CEIX) terminal has processed more than 10M tons/year of coal on average since 2010 and has an annual throughput capacity of 15M tons of coal.
Rail company CSX (CSX), which owns the Curtis Bay coal pier in Baltimore, said its existing coal customers should expect "potential shipment delays" after the accident.
Other coal companies trade mixed, with Ramaco Resources (METC) -3.1% even after saying it is unaffected by the collapse, as its export throughput and shipments occur at other non-affected U.S. East Coast ports.
Alpha Metallurgical Resources (AMR), which owns a 65% stake in the Dominion coal export terminal in Virginia, trades +2.2%, as company officials said export traffic is being rerouted from Baltimore to Virginia and other ports.
Warrior Met Coal (HCC), which ships its coal out of the Port of Mobile in Alabama, also +2.2%.
But Arch Coal (ARCH) -2.8% as the accident is expected to restrict shipments of Northern Appalachian coal and create problems in the supply chain for India, according to S&P Global Platts.
Peabody Energy (BTU), which also uses Baltimore's port to export coal, trades -1.2%.
Berkshire Hathaway Energy (BRK.A) (BRK.B), the operator of Cove Point liquefied natural gas terminal in Maryland, said its operations were not affected by the bridge collapse.
B Riley analysts believe reopening the shipping channel will be of utmost importance given the economic importance of the Baltimore port, so a closure of the shipping channel for several weeks is unlikely, thus the market has somewhat overreacted to the impact on Consol (CEIX) and Arch (ARCH).
The authorities will take 6-7 days to assess how much debris is there from the incident and how much draft is available... [and] may take 10-15 days to clear out the debris, so it means no ship movement during this period," an India-based trader told S&P Global Platts.
Suspended North Appalachian shipments likely will raise prices in India, as brick kilns enter the peak production season in the summer, while the Netherlands, Germany and Belgium are the second largest market for NAPP coal, Argus reported.