Coal Stocks Slide After Baltimore Bridge Collapse

Dow Jones03-26

By Will Feuer

Shares of U.S. coal miners that rely on the Port of Baltimore for exports traded lower on Tuesday after a bridge collapse halted vessel traffic at the port.

Shares of Canonsburg, Pa.-based Consol Energy led the group lower, falling almost 8% in morning trading. Arch Resources stock lost more than 4% while Peabody Energy slid nearly 2%.

The Francis Scott Key Bridge in Baltimore collapsed overnight when it was struck by a containership. The bridge is the entryway to the Helen Delich Bentley Port of Baltimore, the largest port in the U.S. for specialized cargo such as trucks, tractors and trailers. It is also a gateway for bulk cargo like coal and petroleum products.

Consol Energy says its Baltimore Marine Terminal, which is located in the Port of Baltimore, is one of just two coal export terminals on the eastern seaboard with the ability to serve the largest ocean-going ships in the world, and the only terminal served by two rail lines.

Arch Resources also ships out of the port, using the Curtis Bay terminal. The company last month warned that weather-related disruptions at the terminal would ding quarterly vessel loadings.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 26, 2024 11:18 ET (15:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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