The cheap dollar and the rebounding economy is helping America’s version of black gold.
The latest Gartman Letter quotes an anonymous coal executive:
The high stockpiles [of coal] in Newport News are not a negative. As Martha Stewart would say it is a good thing. It is mostly (60%) met coal being shipped to Europe and even China. It reflects the growth that we have seen in the steel and commodities industry in these areas.
For reference, the Lambert’s Point export terminal operated by Norfolk Southern across the river from Suffolk has shipped 8.4 million tons YTD 2009. The comparable amount in YTD 2008 was 5.3 million tons.
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