Less than a decade ago the Port of Newcastle was known for little other than exporting coal.
Today, in addition to coal, the port is linked to a host primary industry exports, cruise ships, a proposed multi-purpose deep water terminal and a possible hydrogen hub.
This week the port announced it has nominated three potential sites that could be used for increased fuel storages.
It has invited the federal government to consider these as part of a push to increase Australia's fuel security.
The port's activities already contribute about $1 billion to the Newcastle economy and has a direct flow-on contribution to Australia's gross domestic product of about $1.5 billion.
It also underpins almost 9,000 full-time equivalent jobs nationally.
Like the region it serves, the port is going through a process of unprecedented growth and transformation.
The Port of Newcastle is seeking to have state government penalties on container movements at the port lifted in order to boost its economic output further.
It is estimated the proposed Newcastle multi-purpose deep water terminal would generate more than 15,000 direct and indirect jobs and contribute $2.5 billion to the national economy.
Its design and construction would create 9,300 jobs and inject $1.3 billion to the Lower Hunter alone.
The project, which would also attract $1.8 billion of private investment, is among three projects that the Committee for the Hunter has identified as top infrastructure priorities for the region.
The potential flow-on economic benefits of expanding the port's fuel storage capacity are also impressive.
Park Fuels, which built a state-of-the-art terminal fuel on Koorgang Island five years ago, says a proposal to increase its diesel storage capacity to a billion litres would create 200 construction jobs and take the plant's permanent on-site workforce from 12 to 32.
While coal exports will continue to be a key component of the port's business for years to come, clearly it is also evolving at a rapid rate.
By unlocking the port's future growth potential, this figure could grow significantly in years to come and at the same time help lift the region out of the COVID-induced recession.
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