March 1, 2018 Read More →

Port Waratah Coal Services Is ‘Very Surprised and Concerned’ About Future Plans for Newcastle

Hellenic Shipping News:

Port Waratah Coal Services has reacted strongly to signs the NSW Government could back moves to close Carrington coal terminal and “renew” the historic precinct for tourism.

Port Waratah will lodge a lengthy submission with the Department of Planning on Wednesday after confirming it was “very surprised and concerned” to see a draft Greater Newcastle Metropolitan Plan proposal to investigate relocating coal export facilities and bulk fuel storages from the Carrington site and explore options for alternative uses, including tourism.

Coal represents about 96 per cent of the Port of Newcastle’s revenue.

Energy analyst Tim Buckley said the global thermal coal export market peaked in 2014 and was “flat-lining” as the world shifts to renewable energy.

The Institute for Energy Economics and Financial Analysis, where Mr Buckley is a leading analyst, predicts that within a 40-50 year time frame even high quality export thermal coal mines will see their end markets disappear permanently.

The institute predicts that within the next five years export credit agencies in Japan and Korea will no longer provide capital subsidies for imported coal-fired power plants. Without the capital subsidy financial institutions will no longer provide finance and coal markets will progressively shrink, Mr Buckley said.

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