I think the disparity between HHC / AMR realised price is largely an accounting factor not coal quality factor in regards to recognising freight revenue or not though.
Good point, I should have mentioned this in the write-up. Adding back freight costs, AMR's Q2'24 realized price increases from $142 to $176 (compared to $186 for HCC). This reflects the recent narrowing of the LV and HVA relativities, as I mentioned in the write-up—something I expect to reverse going forward.
Excellent, can't wait for the next one.
Good article, thanks for sharing your work.
Great read!
Great deep dive and well rounded. Waiting for the last one.
Thank you, really enjoying this met coal series!
I think the disparity between HHC / AMR realised price is largely an accounting factor not coal quality factor in regards to recognising freight revenue or not though.
Good point, I should have mentioned this in the write-up. Adding back freight costs, AMR's Q2'24 realized price increases from $142 to $176 (compared to $186 for HCC). This reflects the recent narrowing of the LV and HVA relativities, as I mentioned in the write-up—something I expect to reverse going forward.
Thank you for clearing that up, your write-ups are really helping with my understanding of the industry! Looking forward to the final installment.
Amazing stuff, top notch