Coal news and updates

Port charges levied on the vessels transporting coal out of the world’s biggest coal export port make up 1 per cent of the total cost of coal to importers and do not appear to substantiate any claims by local politicians that the half-Chinese-owned port could abuse its monopoly position and impose “punitive costs” to hurt Australian coal exports, according to all available data, including from an independent third party.

 

Port of Newcastle is the second Australian port with Chinese interests to come under political pressure, after the Australian government said last month that it was looking into whether the 99-year lease of Darwin Port to China’s Landbridge Group should be axed six years after the deal was cleared to go ahead.

 

Over the weekend, The Australian reported that 14 Australian politicians from the conservative Liberal – National coalition – including new Deputy Prime Minister Barnaby Joyce, who ousted incumbent Michael McCormack in a party revolt on Monday – wrote a letter to Australian Prime Minister Scott Morrison and Treasurer Josh Frydenberg asking them to declare the port a monopoly under the National Access Regime legislation, which would subject the port to scrutiny over any raised costs.

 

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A Port of Newcastle spokeswoman told the Post on Monday that “port charges levied on coal vessels calling at the Port of Newcastle are a tiny fraction of less than 1 per cent of the delivered cost of coal, and have no material impact on the price of coal for international buyers”, adding that the price “fluctuates on world markets by much larger amounts on a daily basis”.

 

 

Source : https://sg.news.yahoo.com