Australia’s Newcastle port, the world’s biggest marine coal export terminal, said it would reopen later on Thursday after shutting earlier this week due to a heavy storm.
Australia’s biggest coal companies, including BHP Billiton Ltd , Glencore Plc, Rio Tinto , Peabody Energy Corp and China’s Yancoal Australia Ltd, rely on the port.
A number of outbound vessel movements were planned this afternoon, subject to final assessment of each movement by the Newcastle harbour master, the port said in a statement.
Prices for coal cargoes delivered next month from Newcastle have soared more than 10 percent since the beginning of the week to $70.40 a tonne as traders expected export delays due to the storm.
“As soon as the port reopens, operations will be back to normal,” said Chris Ford, a spokesman for terminal operator Newcastle Coal Infrastructure Group (NCIG).
A cyclone-strength storm battered Australia’s east coast on Tuesday and Wednesday killing four people, washing away houses, and stranding a cruise ship off the coast in mountainous seas.
Australia’s Newcastle port, the world’s biggest marine coal export terminal, said it would reopen later on Thursday after shutting earlier this week due to a heavy storm.
Australia’s biggest coal companies, including BHP Billiton Ltd , Glencore Plc, Rio Tinto , Peabody Energy Corp and China’s Yancoal Australia Ltd, rely on the port.
A number of outbound vessel movements were planned this afternoon, subject to final assessment of each movement by the Newcastle harbour master, the port said in a statement.
Prices for coal cargoes delivered next month from Newcastle have soared more than 10 percent since the beginning of the week to $70.40 a tonne as traders expected export delays due to the storm.
“As soon as the port reopens, operations will be back to normal,” said Chris Ford, a spokesman for terminal operator Newcastle Coal Infrastructure Group (NCIG).
A cyclone-strength storm battered Australia’s east coast on Tuesday and Wednesday killing four people, washing away houses, and stranding a cruise ship off the coast in mountainous seas.
