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Consol Energy (NYSE:CEIX) -8.7% and CSX Corp. (CSX) -1.4% in early trading Tuesday following this morning's collapse of the Francis Scott Key Bridge in Baltimore, likely blocking the Patapsco River and affecting operations at the Port of Baltimore.
Baltimore is considered the largest port in the U.S. for specialized cargo such as trucks, tractors and trailers, handling a record 52.3M tons of ocean-going cargo last year, according to Argus, which also said a number of the port's terminals are upriver from the bridge.
Consol Energy's (CEIX) Consol Marine Terminal is used to load coal into large ocean-going ships.
The Port of Baltimore loaded 2.4M tons of coal in February, up from 2.1M tons a year earlier, according to Argus, citing analytics firm Kpler, and two of the Atlantic coast's five coal terminals are in Baltimore.
CSX (CSX) railroad's Curtis Bay Coal Piers and the Consol Marine Terminal, which have a combined 30.8M tons of export capacity, are upstream of the bridge, meaning ships will not be able to serve them until the route reopens, Argus reported, also noting that both terminals take thermal and coking coal from Appalachia.
Curtis Bay, which has throughput capacity of ~14M short tons, is served only by CSX (CSX), and Consol's (CEIX) facility, which has capacity of ~20M st, is served by CSX and Norfolk Southern (NSC), the other major eastern U.S. railroad.
Peabody Energy (BTU) reportedly also uses Baltimore's terminals to export coal; shares -1.5%.