From morningstar:
The coal-haulage market is highly concentrated, with few competitors and a few large customers. Aurizon holds major positions in the domestic coal-haulage market (70% market share in Queensland and 30% in New South Wales). Commercial contracts, which are typically five to 12 years in length, underpin defensive revenue with customer commitment to take-or-pay (around 70%), pass-through of rail network access fees, and annual consumer price index increases. These contracts have helped insulate the firm from volatility in coal demand and supply factors to date.
Aurizon's Central Queensland Coal Network, or CQCN, provides essential transport infrastructure for the main metallurgical-coal-mining region in Australia. The CQCN is leased from the Queensland government until June 2109, with competitor access and access charges strictly regulated by the Queensland Competition Authority. Despite being highly regulated and needing large capital investment, the CQCN is a monopolistic rail system that provides Aurizon with highly predictable long-term revenue.
About half of group EBIT comes from Aurizon's Queensland rail track network. A little over a third of EBIT comes from coal rail-haulage, which operates in small duopoly and oligopoly markets with few competitors. Non-coal bulk haulage contributes about 13% of group EBIT
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