The Australian port of Newcastle has been experiencing long queues of vessels waiting to load coal at the two Port Waratah Coal Services terminals. In part, this is because of the rising number of cargo defaults by buyers in China. Despite agreeing to buy consignments, importers in China had begun to decline them. This has forced owners to seek alternative buyers, which in turn is causing delays in vessels sailing. As a result, coal stocks at Newcastle are on the increase.
Barry Cross