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Friday, May 22, 2009

Australia's Newcastle Port Cuts Coal-Export Forecast by 10%

Friday, 22 May 2009

Australia's Newcastle port, the world's biggest coal-export harbor, cut its forecast of 2009 shipments of the fuel by 10 percent because of railway maintenance and disruption caused by storms. Exports are projected at 85 million metric tons over the full year, Matthew Watson, Sydney-based spokesman for Port Waratah Coal Services Ltd., operator of the port's two export terminals, said by phone today.
Coal shipments, which rose 8.3 percent to 91.4 million tons in 2008, may reach 94.5 million this year, Eileen Doyle, chairman of Port Waratah Coal, said Jan 6. Xstrata Plc, the world's biggest exporter of power-station coal, BHP Billiton Ltd. and Rio Tinto Group are among mining companies that ship coal through the port.
Port Waratah last week reduced port allocations to producers by 1 million tons for June to better match vessel arrivals with coal-chain delivery capacity and reduce ship demurrage fees caused by delays, Watson said.
A total of 28 ships, waiting to load 2.5 million tons of coal, were lined up outside the harbor, up from 26 a week earlier, Newcastle Port Corp. said on its Web site May 18.
Source: Bloomberg