Coals from Newcastle

Overview

Soaring Chinese demand for coal and iron ore has led to a doubling of shipping costs this year. While a lack of freighters is partly to blame, the problem has been compounded by inadequate infrastructure at the world’s biggest coal-export terminals, especially in Australia, the world’s largest coal exporter. Queues outside Australia’s Newcastle port regularly tie up 10 per cent of the world’s fleet of Capesize ships, resulting in higher prices for commodities such as grains, coal and...