US coal exports have remained relatively strong so far this year, keeping a lid on API2 and metallurgical coal prices in the Atlantic basin. Henry Hub natural gas prices remain at very low levels, near $2.7/btu, which is keeping the US coal burn at depressed levels. Consequently, this has led to high stockpiles in the US, exceeding 130mt. This should have led to even higher coal exports. However, logistics involving trains, barges, and ports are constraining the amount of coal that can be transported from the mines to the international market.