Peabody Energy recently opened an office in Singapore that will serve as the new hub for Peabody COALTRADE International activities in Southeast Asia. “Our presence in Singapore will expand our sourcing and shipping capabilities to China, India, Indonesia and other key Asian markets,” said Peabody Chairman and CEO Greg Boyce. “The expectation is that these markets will continue to expand at a 5% to 10% compound annual growth rate, and Peabody is best positioned to capitalize on that growth.” Pacific seaborne coal demand is strong as Asian nations lead the world out of recession and drive sustained growth in coal consumption. China is the fastest-growing coal market in the world, and net coal imports are up nearly 150% in 2009. India is the fastest-growing coal importer and expects to be short by as much as 200 million tons of coal per year within five years. Australia and Indonesia are the top global coal exporters.