Queensland Sugar Limited (QSL) has released its Annual Report for the 2020/2021 financial year, reporting a record Shared Pool result, reduced Operations costs and no recordable injuries.
QSL Managing Director and Chief Executive Officer Greg Beashel said the past financial year had been a progressive and exciting period for the industry-owned raw sugar marketing and logistics provider.
“As the logistics provider for Sugar Terminals Limited’s six bulk sugar terminals, the QSL Operations team had yet another successful year serving the industry safely, reliably and efficiently,” Mr Beashel said.
“Handling over 3.8 million tonnes of raw sugar and loading 110 sugar shipments during the reporting period, the team successfully dispatched 99.1% of shipments in full, on time and within specification – an absolutely amazing and world-class result.”
Mr Beashel said a deep commitment to safety underpinned this effort, with the QSL team achieving a Total Recordable Injury Frequency Rate of zero for the reporting period.
“The QSL Operations team’s efforts to implement cost savings to offset inflationary and other unavoidable cost increases whilst maintaining operational and safety performance levels has also been very pleasing, not only absorbing such pressures but securing an additional $0.3 million reduction in actual operating costs year on year,” he said.
“This achievement, together with the QSL Operations team’s ability to successfully navigate the ongoing significant challenges presented by the global pandemic, ensured uninterrupted, world-class service once again for our industry partners’ operations.”
Mr Beashel said the QSL Marketing team also had a strong year, taking advantage of historically high physical premiums to secure a record Shared Pool result for the business, finishing at +$31/tonne sugar IPS weighted average (inclusive of Loyalty Bonus).
“Every grower and miller using QSL benefited from these additional returns, with the Shared Pool applied to all ICE 11 tonnage running through our system,” he said.
“As growers increasingly take control of their own pricing rather than using managed pools, our Shared Pool has emerged as our most important pool, delivering significant value regardless of individual pricing decisions.”
Key highlights for the FY21 reporting period included:
- QSL remained the largest marketer of Australian raw sugar, despatching 43 export shipments to customers during the financial year
- Record 2020 Shared Pool of +$31/t IPS (weighted average), incorporating Loyalty Bonus
- QSL pricing pools surpassed the performance benchmark by +$39/tonne IPS net
- The US Quota Pool was QSL’s best performing pool, returning $702/tonne IPS net
- The February 2020 Guaranteed Floor Pool was QSL’s best-performing ICE 11 Pool, returning $493/tonne IPS net
- The QSL App was expanded to offer a number of new features, including payment information and payment notifications
- Increased finance facility flexibility was secured
- Zero recordable injuries during the period
- Reduced operating costs
- 99.1% of deliveries made in full, on time and in specification
- Unloaded 48,948 trucks and 47,798 train wagons of raw sugar around the state
- Loaded 3.52 million tonnes of sugar for shipment
QSL’s 2020/2021 Annual Report is available on the QSL website at www.qsl.com.au.