Coal export volumes appear on track to surpass recent years, but concerns remain about the impact of declining coal prices on the Hunter's economy.
Port Waratah Coal Services figures show 7.8 million tonnes was exported from its Korragang and Carrington terminals in September, taking its year to date exports to 73.2million.
The figure is up 8.1 per cent on the same time last year (67.7 million tonnes).
"To date this year, there has been an increase in coal exported through Port Waratah, compared to the same period in 2023, of seven million tonnes. We are tracking towards an annual terminal throughput of 100 million tonnes, similar to coal export quantities over the last decade," PWCS chief executive Hennie du Plooy said.
"Port Waratah's operational performance has continued to be strong with excellent reliability, high load rates and low vessel queues benefiting our customers. Japan continues to be the largest export destination in 2024, consistent with previous years."
Port of Newcastle August coal export figures, which include exports from Newcastle Coal Infrastructure Group, show 14.2 million tonnes left the port during the month, taking the year to date exports to 97.7 million tonnes.
Japan, China, South Korea, Taiwan were among the main export destinations.
More than 144.4 million tonnes left the port in 2023, a six per cent increase on the previous year. But the fall in the price of coal resulted in a drop in the port's overall economic contribution, which went from $71billion in 2022 to $48billion in 2023.
Australia's fossil fuel exporters are bracing for an ongoing hit to revenue in the next two years as sliding prices threaten billions of dollars in export earnings.
Department of Industry, Science and Resources's latest quarterly export forecasts show coal exports in particular are set to come under increasing pressure.
Earnings from thermal coal - the type burned in power stations - are tipped to fall by 22 per cent from $37 billion to $29 billion by 2025-26.
Demand is expected to shrink over the next two years as China and Europe pursue plans to curb their emissions by burning less coal and switching to cleaner sources of electricity generation.
Metallurgical coal, used in steel-making furnaces to produce molten pig iron, could also fall 22 per cent, to $42 billion, over that period, the report said.
Combined, the earnings declines from Australian coal and gas could amount to $29 billion, as prices continue retreating from the unseen highs of 2022-23, when the war in Ukraine caused a scramble for fuels to keep the lights on in parts of Europe and Asia, sending prices skyrocketing.
In a related development, Newcastle's mantle as the 'world's largest coal export port' is under threat as the Hunter's economy slowly pivots away from its dependence on fossil fuels, industry data suggests.
The Newcastle Herald previously reported that the Port of Newcastle exported significantly more coal than other ports up until 2021.
But while exports are still strong, the gap is narrowing with coal export volumes from North Queensland Bulk Ports closing in on Newcastle.
