{"id":245431,"date":"2010-01-29T03:57:00","date_gmt":"2010-01-29T08:57:00","guid":{"rendered":"tag:blogger.com,1999:blog-9864176.post-3300549196734709177"},"modified":"2010-01-29T03:58:49","modified_gmt":"2010-01-29T08:58:49","slug":"long-queues-at-port-as-demand-for-coal-soars","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/245431","title":{"rendered":"Long queues at port as demand for coal soars"},"content":{"rendered":"

There seem to be plenty of jitters about the Chinese economy, but for now it is sucking in coal rapidly – Long queues at port as demand for coal soars<\/a>.<\/p>\n

THE queue of ships at the world’s biggest coal port, Newcastle, is near its longest level since before the financial crisis and waiting times are at a one-year record.<\/p>\n

In a sign of the booming demand for coal, figures published this week show 58 ships were waiting on Monday, just shy of the pre-Christmas peak of 60, which was the longest queue since mid-2007.<\/p>\n

Average waiting times for vessels at the port have also blown out to a fresh one-year high of 17.86 days, the Newcastle Port Corporation figures show.<\/p>\n

The trend, mirrored at key ports around the country, points to the soaring demand from coal buyers in China and Europe, after severe winters caused a surge in demand for electricity.<\/p>\n

Most of the coal shipped through Newcastle – used by Xstrata, Rio Tinto and Centennial Coal – is thermal coal used by power stations. Its price jumped to more than $US100 a tonne earlier this month amid subzero temperatures in key markets.<\/p>\n

The growing queues are a positive sign for export industries, but they also highlight the increasing strain on port infrastructure as the global resources boom gathers pace.<\/p>\n

This month Macarthur Coal announced a delay to its Middlemount expansion plan, after it was unable to secure access to third-party rail and water infrastructure.<\/p>\n

Over-reliance on China is also seen as a risk for the industry. China has come to the rescue of coal exporters in the past year, but recent market fears that its economic growth could slow this year sent a shiver through share prices in the sector.<\/p><\/blockquote>\n