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Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS


Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power stations, rose by 27.5 percent last week while the number of vessels waiting to load decreased.

The volume exported in the week ended 7 a.m. local time yesterday climbed to 1.84 million metric tons from 1.44 million tons in the preceding period, Newcastle Port Corp. said on its website. Rio Tinto Group, Xstrata Plc and BHP Billiton Ltd. are among mining companies that ship the fuel from the harbor.

Thirty-eight vessels, waiting to load 2.41 million tons of coal, were outside the harbor, down from 42 a week earlier. The queue reached 60 in December, the longest since July 2007.

Coal ships waited to load for an average of 12.03 days, up from 10.08 days a week earlier, the port said in today’s report. That compares with 0.22 day for general-cargo vessels.

Power-station coal prices at Newcastle, an Asian benchmark, declined by 1 percent, falling for the fourth week, according to the globalCOAL NEWC Index. Prices dropped to $96.84 a ton from $97.80 in the week to May 28.
Source: Business Week
 (By Masumi Suga and Elisabeth Behrmann)



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