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Export quotas to drop for Newcastle coal

Export quotas to drop for Newcastle coal article image
Newcastle's coal port will cut shipping quotas by 1 million tons for the September quarter, according to Port Waratah Coal Services (PWCS). The world's largest coal export terminal, on New South Wales' north coast, is looking to improve its queue management through the cut. "The objective of the allocation cut is to minimise ship queues," confirmed Matthew Watson, spokesperson for PWCS. This is the second time this year the port has reduced quotas, after a similar cut in May, also to improve queue management. Coal traders have warned that further restrictions will increase the prices of the commodity. The PWCS has plans to operate under a 'take or pay' agreement, which would see mining companies pay for their forecast exports. The plan is currently being reviewed by the Australian competition regulator. The port will export 92 million tons of coal this year.

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