WHITF - Has the seaborn coal market broken?

Front-month newcastle thermal coal prices have averaged ~$75 per metric ton for much of the past decade. In trading Wednesday alone, the May 2022 futures contract rose by ~$135 per metric ton, reaching a fresh all-time high of $425.  The drivers are well understood. Coal supply is not growing, logistics challenges have restricted Russian exports, stockpiling in Europe is increasing apparent demand, all factors are driving prices higher. Coal equity prices for producers like Whitehaven (OTCPK:WHITF), CONSOL (NYSE:CEIX) and Peabody (NYSE:BTU) are nowhere near reflecting spot market conditions, as investors are scrambling to understand what "normal" prices could look like.  Coal-to-gas switching has been a major theme in energy markets for much of the past decade. According to the IEA, one short ton of coal can generate ~18.9 million British thermal units "mmbtu" of energy, when consumed by the power sector. Grossing up from short tons to metric tons would indicate

For further details see:

Has the seaborn coal market broken?