Consol Energy Faces Uncertain Wait After Baltimore Bridge Collapse
5:55 PM ET, 03/26/2024 - MT Newswires
05:55 PM EDT, 03/26/2024 (MT Newswires) -- Consol Energy (CEIX) shares closed almost 7% lower on Tuesday after a container ship crashed into and brought down the Francis Scott Key Bridge above the Port of Baltimore, delaying vessel movement in and out of the area.
Consol operates the Baltimore Marine Terminal where coal is loaded into ocean-going ships. The terminal is one of only two major coal export facilities on the US East Coast and the only one served by railroad companies Nortfolk Southern (NSC) and CSX (CSX), according to Consol's website.
The terminal facility produced around $106 million in direct revenue during the 12 months ended Dec. 31, up from $79 million in the prior year, company data show. Still, that was just 4.1% of Consol's $2.57 billion in revenue last year.
Local officials Tuesday afternoon were unsure how soon the Port of Baltimore would reopen, though analysts have said it may take several weeks before enough debris is removed from the water to ensure safe passage. |
