ports - share price dips


Associated British Ports' share price dipped when congestion charges and compensation to customers were identified in the annual accounts. The costs and charges of over £1 million, arose from congestion at the Immingham coal terminal, where coal imports are being delivered so fast that lorry owners and freight trains cannot move the stuff quickly enough.

The ABP Humber International Terminal opened its new multi-purpose facility in June 2000. In June 2004 they "celebrated" the handling of their 20 millionth tonne of cargo. This just happened to be 70,000 tonnes of coal from Indonesia destined for the Aire and Trent Valley power stations.

The Selby mining complex is only 51 miles from Immingham, but it is obviously more profitable and politically desirable to bring coal from Indonesia than to dig it out of the ground here.