The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Rotterdam and Newcastle Tuesday prices, that have been released so far, up again nicely, with RTM Jan back to $200 and NTL Dec $330. As always, expect RBCT will follow when available later.
https://www.barchart.com/futures/quotes/LQZ22/overview
https://www.barchart.com/futures/quotes/LUF23/overview
Dutch Gas up today too, making coal imports more attractive
https://www.barchart.com/futures/quotes/TGZ22/futures-prices
With prices going up, the rail line fixed and more locos coming on line, I would have expected a stronger recovery in the share price.
Futures prices going up nicely today for all those extra therms above the hedge:
https://www.barchart.com/futures/quotes/NF*0/futures-prices
+20% atm
Some good news about the derailment and coal prices:
https://www.miningweekly.com/article/tfr-clears-derailment-on-north-corridor-2022-11-14
My spreadsheet shows last week was busy at RBCT, previous week quieter, so balanced out. No obvious sign of reduced throughput due to previous strike or derailment, though if they keep 3 weeks of stock normally, the impact will be there, just spaced out over weeks and with less signs of improvement from the supposed increase in loco availability now the spares situation is being resolved.
Today's coal prices at Newcastle and Rotterdam heading in the right direct, RBCT price will hopefully be following them up when available later:
https://www.barchart.com/futures/quotes/LQZ22/overview
https://www.barchart.com/futures/quotes/LUZ22/overview
UK Nat Gas also up 20% atm:
https://www.barchart.com/futures/quotes/NF*0/futures-prices
Not great news:
https://www.miningweekly.com/article/transnet-declares-sixth-force-majeure-in-18-months-2022-11-11-1
Today's price on Newcastle is doing well, share price thinks otherwise, hopefully it's a bit slow and RBCT price will be up too, when available later.
https://www.barchart.com/futures/quotes/LQZ22/overview
New Tweet:
https://twitter.com/angusenergyplc/status/1590657601238626305?s=20&t=cQQ5Ynz4rRsW-z6Tg-Do1A
Let's hope the line is cleared quickly, after the strike, the railings need all the help they can get.
https://www.miningweekly.com/article/export-coal-train-derails-en-route-to-richards-bay-2022-11-08
Latest Pink Sheet;
https://thedocs.worldbank.org/en/doc/5d903e848db1d1b83e0ec8f744e55570-0350012021/related/CMO-Pink-Sheet-November-2022.pdf
Shows SA coal @ $326.6 for October? I have the average closer to $245 over the month, anyone have anything similar?
"Malcolm Le May, Chief Executive Officer, commented:
"I am pleased to announce that the Group's application to the PRA for a large exposure waiver has been approved. This will allow us to leverage our existing access to retail deposit funding, through Vanquis Bank, to fund all our lending products going forwards, including vehicle finance. This is an important part of our stated strategy of becoming a fully-fledged banking group and highlights the inherent competitive advantage we have of holding a banking licence. As we said with our H1'22 results, we will transition towards having a funding model which is predominantly retail deposit funded whilst maintaining the appropriate diversity of liquidity sources.""
"The Group has received notice from the Prudential Regulation Authority (PRA) that it has approved the Group's application for a UK Group large exposure waiver which will enable Moneybarn No.1 Limited, the Group's vehicle finance subsidiary, to access retail deposit funding via Vanquis Bank with immediate effect. Moneybarn No.1 Limited has been partially funded by the bond market historically and the large exposure waiver will allow the Group's maturities in 2023, which amount to approximately £160m, to be refinanced using retail deposits as planned."
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221104:nRSD4018Fa&default-theme=true
With China and India burning 70% of world coal, are others finally realising that bankrupting ourselves while others are increasing output isn't a good idea? I hope so, as it'll give many more years of nice dividends here.
https://www.miningweekly.com/article/instead-of-phasing-down-coal-the-world-is-burning-more-than-ever-2022-11-04
New Tweet:
https://twitter.com/angusenergyplc/status/1588186864040566786?s=20&t=HUWrnIo3Y9vLrNqoZDL_UQ
Ticking along nicely:
02/11/2022 00:00:00 02/11/2022 System Entry Calorific Value, Saltfleetby, D+1 41.2800 03/11/2022 12:01:01 L
02/11/2022 00:00:00 02/11/2022 System Entry Energy, Saltfleetby, D+1 2030000.0000 03/11/2022 12:01:01 L
02/11/2022 00:00:00 02/11/2022 System Entry Volume, Saltfleetby, D+1 0.1772 03/11/2022 12:01:01 L
Another 2 million +
01/11/2022 00:00:00 01/11/2022 System Entry Calorific Value, Saltfleetby, D+1 41.2500 02/11/2022 12:01:01 L
01/11/2022 00:00:00 01/11/2022 System Entry Energy, Saltfleetby, D+1 2023333.0000 02/11/2022 12:01:01 L
01/11/2022 00:00:00 01/11/2022 System Entry Volume, Saltfleetby, D+1 0.1766 02/11/2022 12:01:01 L
Coal rising slightly again today. Port quiet.
https://www.barchart.com/futures/quotes/LUX22/futures-prices
https://www.marinetraffic.com/en/ais/home/centerx:32.055/centery:-28.818/zoom:14
Coal actually up for today's figures that are available atm. Expect RBCT price will follow the slight increase when available later in the day.
https://www.barchart.com/futures/quotes/LUZ22/overview
Port also been busy during the previous 2 weeks, strike currently not showing any reduction (though it must feed through eventually?! Though increased loco availability may compensate for it?)
With winter coming, lots of H2 revenue already bagged at high prices, and a good return even with current lower coal prices, still a hold for me.
New Tweet:
https://twitter.com/angusenergyplc/status/1587083044271407104?s=20&t=4rmIhpFUXdEI1Fs2c9j0vw