Acting Operations General Manager Ged Melrose with Acting Chief Executive Officer Craig Walker.
Acting Operations General Manager Ged Melrose with Acting Chief Executive Officer Craig Walker.

Highest coal exports in five years

Gladstone Ports Corporation had a record end to the year with the Reg Tanna Coal Terminal posting its highest December coal exports in five years.

Improved demand from overseas, more vessel arrivals and favourable weather conditions limiting supply chain interruptions helped achieve the best figures since 2014.

Acting chief executive Craig Walker congratulated his team on the December figures, but confirmed they were against an overall trend of coal failing to reach forecast targets.

"While December 2019 brought the highest export total for December in five years, coal has not reached the forecast target for the first six months of the 2019-20 financial year, and it is likely this trend will continue into 2020," he said.

Exports leaving Gladstone are mainly destined for markets in Asia, with India showing a particular appetite for Australian coal.

"Traditionally Japan has consistently been the Port of Gladstone's largest coal export destination, however India for the first time, overtook Japan as the largest destination," he said.

Last financial year GPC posted a dividend of $73.8 million which Mr Walker said was great news for jobs, economic growth and international trade.