Chairman: Newcastle Port Needs to Diversify Its Business

Australia’s Port of Newcastle could turn away from coal as its new chairman said there is an “urgent need” to diversify the regional economy and the port’s business.

Professor Roy Green, who has been appointed Chairman of the Port of Newcastle Board, informed that coal “has been at the heart of” the Hunter’s economy for the better part of two centuries, and it will continue to be central to the prosperity of the region and Port of Newcastle for some time to come.

“However, there is also an urgent need to diversify the Hunter economy and the port’s business,” Green added.

Port of Newcastle has already started diversifying, through investments in a new cruise terminal and non-coal freight facilities.

“But we must build significantly on this platform and create world class port facilities that are able to meet the needs of a rapidly changing Hunter and NSW economy. With a 98 year lease, the Port of Newcastle is obliged to think long term, and it will,” Green commented.

“Clearly the long term outlook for coal is a threat to the port and Hunter region, but it is also a huge opportunity. While the world’s demand for our coal is beyond our control, our ability to invest in new sources of growth and innovation is not,” he continued.

Additionally, Green said that ensuring a level playing field for the development of a viable and competitive container terminal will be among other challenges.

Port of Newcastle’s Shareholders are The Infrastructure Fund and China Merchants Group who have an equal 50/50 shareholding.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >