Australian QR National's Jul-Oct coal haulage volume drops, but set to recover
Melbourne (Platts)--21Nov2012/701 am EST/1201 GMT
Australian QR National's coal haulage volume dropped in the first four
months of fiscal 2012-13 ending October, compared to the prior four months,
after a slowdown in the country's resources sector and China's economy, but
it is confident of a recovery by the end of the fiscal year, the freight
company said Wednesday.
At its annual general meeting in Brisbane Wednesday, QR National said
that the level of investment in Australia's resources sector will pave the
way for a new phase in the resources boom, leading to a rise in its haulage
The next phase of the resources boom was supported by "strong and
sustained growth in export volumes rather than high commodity prices," QR
"We believe that while we will continue to see headwinds in the short
term, the fundamentals of global resource demand remain unchanged, that
growth is long-term and sustainable, and that Australian resources can remain
competitive," QR National's CEO Lance Hockridge said at the AGM.
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QR National is focused on growth plans, and the key areas of growth for
thermal, coking coal and iron ore will be in Bowen Basin and the emerging
Surat and Galilee Basins in Queensland, the Hunter Valley in New South Wales,
the mid-west, Pilbara and Yilgarn in Western Australia.
For the first four months of fiscal 2012-13, QR National's coal
haulage was 1% lower than the prior comparable period, with Queensland
tonnages down 4% and New South Wales tonnages up 15%.
Overall freight volumes were up 2% on a year-to-date basis at the end of
October -- including substantial increases in iron ore volumes, up
75% on the prior comparable period. No breakdown of exact figures were
Going forward, QR National expects the softer demand environment to
continue over the near-term and it estimates its full year haulage for the
year ending June 2013 will be in the range of 195 million-205 million mt, up
from 186 million mt in fiscal 2011-12.
--Marnie Hobson, firstname.lastname@example.org
--Edited by Geetha Narayanasamy, email@example.com