Photo by: Bloomberg
While several South African coal exporters have been unable to take advantage of strong demand and prices as a result of Transnet’s operational problems, an Australian producer has warned that it, too, has only limited capacity to send cargoes to Europe to help replace Russian fuel. Bloomberg reports that thermal coal loaded at Australia’s Newcastle port soared to a record in mid-March as buyers shunned Russian shipments. However, miner New Hope, which has held talks with prospective customers in Europe, warns that most producers have their supply contracted to existing customers and that there is only limited spot cargo available. Photograph: Bloomberg