Deliveries of coal for the first vessel have already begun and loading operations are slated to start on April 18, with an expected eight to 10-day commissioning period.

WICET, which will provide 27 million tonnes per annum of new export capacity from the Port of Gladstone, was first approved for development in 2011 in a much better coal price environment.

Argus said it received expressions of interest from 22 coal producers for more than 176Mtpa of export capacity.

One of the terminal's eight original owners, Australia's Bandanna Energy, is in administration, requiring the other shareholders to meet the take-or-pay obligations associated with WICET.

WICET’s first stage is owned entirely by a consortium of eight Australian and international resources companies: Aquila Resources, Bandanna, Caledon Coal, Cockatoo Coal, Glencore, Hew Hope Group, Wesfarmers Curragh and Yancoal.

WICET says it is likely to be Queensland’s only new coal export terminal facility to come into operation in “the foreseeable future”

“Terminal handling charges will be on a cost recovery basis to assist the competitiveness of the Queensland coal export industry,” WICET said.

Argus said the coal price outlook remained weak due to an oversupply of thermal and coking coal.