CONSOL Energy Restarts Coal Shipments from Baltimore Marine Terminal

CONSOL Energy Inc. (NYSE: CEIX) announces the commencement of coal shipments to global markets from its Marine Terminal in Baltimore as of last night. This follows a temporary closure of the terminal following the collapse of the Francis Scott Key bridge on March 26.

The initial empty vessel reached the CONSOL Marine Terminal early on Sunday morning, underwent loading procedures throughout the day, and awaited official clearance for departure scheduled for 7:00 PM on Monday night.

CONSOL Energy CEO Jimmy Brock commented, "Although we currently face restrictions regarding ship size and nighttime departures, we are optimistic about returning to regular operations promptly. We extend our gratitude to the dedicated efforts and collaboration of local, state, and federal officials, as well as various agencies, for their swift and diligent response."

The initial shipment departing from the Marine Terminal amounted to roughly 56,000 net tons, contrasting with typical shipments of approximately 140,000 net tons in larger vessels. Currently, the channel is cleared to a width of about 350 feet, but it needs to reach a width of approximately 400 feet to accommodate larger vessels.

In related developments, the MV Dali, the container ship involved in the bridge collision, was successfully refloated and removed on Monday.

Brock emphasized, "The operational capacity of the Baltimore terminal is pivotal as we advance our transition towards export markets. During the first quarter of 2024, 65% of our overall recurring revenues and other income originated from sales to international markets."

CONSOL Energy Inc. (NYSE: CEIX) is headquartered in Canonsburg, Pennsylvania, and specializes in producing and exporting high-Btu bituminous thermal coal and metallurgical coal. The company operates some of the most efficient longwall mining facilities in the Northern Appalachian Basin. CONSOL's primary asset is the Pennsylvania Mining Complex, which boasts a production capacity of around 28.5 million tons of coal annually. This complex includes three expansive underground mines: Bailey Mine, Enlow Fork Mine, and Harvey Mine. Additionally, CONSOL recently developed the Itmann Mine in the Central Appalachian Basin, with a capacity to produce approximately 900 thousand tons per year of premium, low-vol metallurgical coking coal when fully operational. The company also owns and operates the CONSOL Marine Terminal situated in the port of Baltimore, boasting a throughput capacity of about 20 million tons per year. In addition to the approximately 584 million reserve tons linked with the Pennsylvania Mining Complex and the roughly 28 million reserve tons tied to the Itmann Mining Complex, CONSOL controls approximately 1.3 billion tons of greenfield thermal and metallurgical coal reserves and resources across major coal-producing basins in the eastern United States.