Coal exports from terminals in Virginia's Hampton Roads region totaled more than 26.8 million st in 2015, according to December export data released Wednesday by the Virginia Maritime Association.
The 2015 total was down 34.8% from 2014 and the lowest annual total since 2007, when the combined terminals exported 22.5 million st. Coal exports from the three terminals peaked at 49.7 million st in 2013.
The ongoing downturn in US coal exports is largely the result of low global prices for thermal and metallurgical coal. Compared with January 2014, current US thermal coal prices for the front-month Central Appalachia rail (CSX) futures contract have fallen 42% while current US met coal prices (Low Vol FOB US East Coast) have declined 39.5%.
The drop in US prices has mirrored declines in global benchmark coal prices. The delivered price of thermal coal into Northern Europe, Platts' CIF ARA marker, has declined 43.9% since January 2014, while the price of premium low-vol met coal FOB Australia has declined 41.5% during the same period.
For December, Lambert's Point, also known as Pier 6, owned and operated by Norfolk Southern, exported 713,183 st, down 16.8% from November and down 28.9% from December 2014.
For the year, the Norfolk, Virginia terminal -- the largest individual coal export terminal by throughput in the US - exported 11.1 million st, down 33.9% from 2014. It was the lowest annual total for the terminal since 2007.
Pier IX, based in Newport News, Virginia, and owned and operated by Kinder Morgan, exported 439,151 st in December, up 88.8% from November but down 45.6% compared with December 2014.
In 2015, Pier IX coal exports totaled 5.4 million st, down 50.1% compared with 2014. It was the terminal's lowest annual total since 2007.
Dominion Terminal Associates, also based in Newport News, and owned by Arch Coal, Peabody Energy and Alpha Natural Resources, exported 714,211 st in December, up 2.4% from November but down 31.2% from December 2014.
The terminal exported 10.3 million st in 2015, down 23.7% from 2014, and the lowest annual total since 2009.
