"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Saturday, June 09, 2007

Chinese Coal carriers grounded off newcastle,NSW, Australia

Global energy flows are remarkably fragile. China, Japan and Korea buy huge quantitites of coal from Australia which is shipped from the the world's largest coal export harbor in Newcastle, NSW, Australia which are run by Port Waratah Coal Services

At any time 50 bulk carriers are waiting for cargo of the port. This week Severe weather, caused by low pressure off the mid-north coast of New South Wales whipped up gales grounding one carrier and endangering 2 more.

Consequently all loading services have been halted as the grounded Pasha Bulker, (Panamanian flagged by Wealth Line Inc. for the Japanese shipping line Sansho Kaiun Co.,) a Panamax-size vessel, ran aground just before 10 a.m. on Friday at Nobbys Beach, south of Newcastle (see pic above) port said Neil Patchett, a spokesman for NSW Maritime, the maritime authority of New South Wales state. The 225-meter (738-foot) ship also has 38 tons of diesel and 40 tons of lube oil aboard, but no coal.

Maximum wind gusts of 106 kilometers (66 miles) an hour recorded today were less than the 165 kilometers an hour gusts recorded when the Sygna coal carrier ran aground at Newcastle in May 1974, said Deryn Griffiths, acting manager of weather services for the New South Wales region at the Bureau of Meteorology.

A second coal ship, the Betis, lying about 2.5 nautical miles off the coast of Swansea, south of Newcastle, has a tug on site to provide assistance if required, NSW Maritime said. A third ship, the Sea Confidence, is about 1 mile offshore from Stockton Beach and appears to be stable, riding on its anchor with a tug standing by, it said. It is unclear whether the ships broke or dragged their anchors.

As many as seven coal ships may be at risk of grounding, said Lucy Muirhead, a spokeswoman at the International Transport Workers Federation in Sydney.

Any disruption of supplies to China can result in severe short term power supply problems.

Pic is of "Corona Lions" a typical Panamax 85,600 DWT Coal Carrier delivered on January 22, 2007 at Oshima Shipbuildyard in Japan for Fukujin Kisen Co., Ltd., Ehime, Japan ,which will ship coal from Australia to Japan - where coal consumption is rising die to problems with the Japanese nuclear power stations. See "Japan faces long hot summer"

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