The first ever ship to operate under a new agreement to expand the exports of coal at Newcastle in New South Wales, which is already the world's largest harbor for supplying the fuel, is all set to undertake its main voyage today. It will leave the terminal for South Korea.

Coal companies from across Hunter Valley have entered into a 10 year long exports contract, which is valued at over $4 Billion, and will underpin the production expansion, as has been confirmed by, NSW Ports Minister Paul McLeay.

In September, the Newcastle Coal Infrastructure Group had signed the plan to expand its cargo-handling efficiency. The group includes giants like BHP Billiton, and Port Waratah Coal Services. The deal is expected to boost the revenue collected through export of coal by $6.5 Billion every year by the time 2016 rolls in, as has been estimated by the NSW Government.

The first ever ship loaded under the new agreement was all set to arrive at the NSW port yesterday and take about 82,000 tons of coal with it, before sailing to South Korea.

Over 90 million tons of coal a year, valued at $14.3 Billion, is exported by the port currently, and with the agreement, this capacity is expected to double.