NCIG Australian coal exports continue at higher rate
Just shy of 3m tonnes of coal was loaded onto ships at the Australian port of Newcastle in the week ending on 29 July at 07:00 local time as exports from the Newcastle Coal Infrastructure Group (NCIG) terminal continue at a higher rate, according to port data released on Monday.
The operators of the NCIG terminal do not publish statistics for its output, but data from the Newcastle Port Corporation and the Hunter Valley Coal Chain Coordinator (HVCCC) indicate roughly 780,000 tonnes was shipped from the terminal last week. For most of the year, weekly exports from NCIG have been in a 400,000-500,000 tonne range.
The increase in exports coincides with the commissioning of the terminal to handle 66m tonnes of coal annually - an increase of 13m tonnes - and the reduction in its coal handing charge from 1 July.
Australian mining company Whitehaven Coal said in its Q2 production report out on Monday it will save more than $16m (€12m) in the 2014 financial year because of the reduction in the fee at the NCIG terminal and at the other two Port Waratah Coal Services (PWCS) terminals, which which began on 1 May.
PWCS exported 2.17m tonnes over the seven-day period ending on 28 July, HVCCC said, which is 11% below the 2.45m tonnes shipped out last week.
The strong export figures for July might have been boosted by the 26 FOB Newcastle spot deals for 6,000Kcal/kg NAR coal with July delivery reported to ICIS this year. This included an index-linked deal with a volume of 100,000 tonnes.
Most FOB Newcastle spot deals have a volume of 25,000 tonnes. Eighteen deals for June delivered cargoes were reported to ICIS.
Stocks at the PWCS terminals remain steady at 1.39m tonnes on 28 July, which is above the end-of-week average so far this year of 1.22m tonnes.
The number of vessels with a notified arrival time for Newcastle port dipped to 40 from 48 a week earlier. Fionn O'Raghallaigh
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