Newcastle feels coal pinch
Authorities have marked a dip in Newcastle coal exports.
The Hunter Valley Coal Chain Co-ordinator says shipments are down by just under 9 per cent in 2016 year on year.
Coal throughput for Port Waratah Coal Services has reached 86 per cent of the year to date outbound target rate, hitting a rate of 104.5 million tonnes per annum at the end of February.
February’s inbound throughput rate at the Port of Newcastle of 148.9 million tonnes per annum was just 82 per cent of the year to date target.
In the four weeks of February, 24.4 million tonnes were hauled to port, compared to 26.7 million tonnes in the same period of 2015.
The close to 8.5-per cent reduction in volume stands out because until now, sales volumes were fairly strong despite coal prices being slashed.
Last year when the coal price was spiralling, volumes through Newcastle fell by just 0.5 per cent.
The experts say it shows those cuts are only now starting to take effect.
There are 12 vessels in the queue right now, expecting an average vessel turnaround of 4.2 days.
Coal stocks at the port sit at 1.133 million tonnes.