What Dalrymple Bay Infrastructure does

Dalrymple Bay Infrastructure (DBI) is an ASX-listed (ticker: DBI) infrastructure company headquartered in Brisbane, Australia, that holds a 100% interest in a 99-year lease (50-year term plus 49-year extension option) of the Dalrymple Bay Terminal (DBT) at the Port of Hay Point, Queensland. DBT is the world's largest metallurgical coal export facility, with integrated supply chain capacity of 84.2 Mtpa handling approximately 14% of global seaborne met coal volumes. The terminal's infrastructure comprises three rail unloading stations receiving trains of approximately 10,000 metric tonnes each, stockyard facilities for coal stacking, conveyor systems, and 3.8 kilometre offshore shiploaders, having undergone seven expansion phases that grew capacity from an initial 14.55 Mtpa to the current level. DBI was privatized in 2001 via the lease acquisition and listed on the ASX in December 2020 through a stapled securities IPO at $2.57 per security.

DBT operates as a regulated multi-user terminal under a Queensland Competition Authority (QCA)-approved Access Undertaking effective until 1 July 2031 and a terminal declaration renewed in June 2020 for a 10-year period expiring September 2030. Coal producers access the terminal via Standard Access Agreements under long-term take-or-pay contracts, fully contracted through 2028. Customers are billed for contracted capacity regardless of actual throughput, and operating and maintenance costs are passed through. The terminal operator, Dalrymple Bay Coal Terminal Pty Ltd (DBCT P/L), is owned by a majority of the terminal's customers by contracted tonnage, structurally aligning operator incentives with users. Coal is exported to more than 20 countries across Asia Pacific, with core markets in China, Japan, Korea, Taiwan, and India.

Revenue is generated primarily through QCA-regulated terminal access charges under the take-or-pay contract model. FY25 results showed EBITDA of AUD 294.3 million (+5.2% YoY) and Funds From Operations of AUD 173.3 million (+10.6% YoY). DBI distributes 60-80% of FFO to securityholders quarterly; FY25 distributions were 24.625 cents per security (+11.9% YoY), with FY26 guidance raised 7.7% to 26.375 cents per security. In December 2025, DBI completed an AUD 1.07 billion debt refinancing that reduced the weighted average margin from 3.26% to 1.56%, generating estimated AUD 75 million in interest savings through 2030.

Name

Dalrymple Bay Infrastructure

Legal name

Dalrymple Bay Infrastructure Limited

Website

https://dbinfrastructure.com.au

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Dalrymple Bay Infrastructure owns a 99-year lease of the Dalrymple Bay Terminal, the world's largest metallurgical coal export facility (84.2 Mtpa), providing regulated take-or-pay terminal access services to global mining companies exporting Bowen Basin coal to over 20 countries.

Ownership category

akta.pro rank

Product category

Port Terminal Services / Coal Export Infrastructure

NAICS

Port and Harbor Operations (48831)

SIC

Bituminous Coal & Lignite Mining (1220)

akta.pro primary industry

Coal & Coke Terminals (TLAHABAC)

akta.pro secondary industries

Coal Handling, Stockpiling & Loadout Terminals (IMAKAIAI), Marine Terminals & Port Storage (Jetties, Docking, Bunkering Interfaces) (EUALAEAG)

Keywords

• Coal export terminal
• Port infrastructure services
• Metallurgical coal export
• Terminal access services
• Bulk commodity logistics

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Terminal Access Charges: Revenue generated from coal producers accessing the terminal under take-or-pay contracts. Customers contract for capacity and pay regardless of actual throughput. Tariff rate increases and operating/maintenance cost pass-throughs drive revenue growth. The company completed a $1.07 billion debt refinancing reducing weighted average margin from 3.26% to 1.56%, generating estimated interest savings of AUD 75 million through 2030.
2. Distribution Income: DBI distributes between 60% and 80% of Funds From Operations (FFO) to securityholders, with distributions paid quarterly. FY25 distributions were 24.625 cents per security (11.9% increase over prior year). Q1 2026 distribution was 6.750 Australian cents per share. FY26 guidance raised 7.7% to 26.375 cents per security.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Dalrymple Bay Infrastructure operates the Dalrymple Bay Terminal (DBT), the world's largest metallurgical coal export facility located at the Port of Hay Point, Queensland, providing terminal access services for coal producers exporting from the Bowen Basin. DBI holds a 99-year lease on the terminal and offers regulated access under long-term take-or-pay contracts, with integrated supply chain capacity of 84.2 Mtpa and approximately 14% of global seaborne metallurgical coal volumes handled. The terminal is fully contracted through 2028 and serves leading global mining companies exporting metallurgical coal to steel producers across more than 20 countries.

Product overview

Dalrymple Bay Infrastructure (DBI) operates as a single-product infrastructure company. Through its wholly owned entities, DBI holds a 100% interest in a 99-year lease of the Dalrymple Bay Terminal (DBT) — the world's largest export metallurgical coal facility. DBT is a multi-user export terminal that provides coal handling, storage, and shiploading services for metallurgical coal producers in the central Bowen Basin. The terminal operates under a regulated framework overseen by the Queensland Competition Authority (QCA), with services structured through Standard Access Agreements. DBT's integrated supply chain capacity is 84.2Mtpa, handling approximately 14% of global seaborne met coal volumes. The offering consists of one core infrastructure asset with associated terminal access and supply chain services, not a modular software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Dalrymple Bay Terminal (DBT) Terminal Access Services The world's largest metallurgical coal export facility, located at the Port of Hay Point in Queensland, Australia. The terminal provides critical infrastructure for exporting metallurgical coal from the Bowen Basin to global steel producers under long-term take-or-pay contracts. Integrated supply chain capacity is 84.2 Mtpa, handling approximately 14% of global seaborne met coal volumes. Services are provided under the QCA-approved Access Undertaking and Standard Access Agreement.

Quantifiable outcome

• EBITDA of AUD 294.3 million in FY25, up 5.2% year-over-year
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Dalrymple Bay Coal Terminal Pty Ltd (DBCT P/L)coreImplementation/ SI/ Consulting Partner · 1 January 2001DBCT P/L has operated and maintained DBT since DBI acquired the 99-year lease in 2001. The operator is owned by a majority of the terminal's customers (by contracted tonnage), ensuring strong alignment of interests. This structure allows 100% of operating and maintenance costs to be passed through to customers, supported by the QCA.
• Queensland Competition Authority (QCA)coreOthersQCA regulates DBT under the Queensland Competition Authority Act 1997. DBT operates under a QCA-approved Access Undertaking governing access terms and Standard Access Agreement. The Access Undertaking is reviewed every five years with current AU effective until 1 July 2031. QCA also administers terminal declaration renewed June 2020 for 10 years.
• Aurizon NetworkcoreTechnology or IntegrationAurizon Network operates the electrified rail network on which coal trains travel to DBT. Three train operators operate on Aurizon's network, each train carrying approximately 10,000 metric tonnes of coal. Rail logistics are critical to the DBT supply chain connecting Bowen Basin mines to the terminal.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Aurizon Holdings: Australia's largest rail freight operator and DBI's rail logistics partner for the electrified Bowen Basin network. Comparable Australian transport infrastructure business with overlapping Bowen Basin exposure and a regulated network tariff framework.
• Transurban Group: Large ASX-listed toll road operator with regulated, contracted infrastructure cashflows. Comparable as a yield-oriented Australian regulated infrastructure issuer, though not commodity-exposed.
• Atlas Arteria: ASX-listed toll road infrastructure company. Comparable as an Australian-listed, yield-oriented regulated infrastructure business, though in a different sub-sector (transport vs. commodity export terminals).

Emerging players

• Atlas Corp (seacastle / Seaspan): Global infrastructure lessor with regulated/contracted cashflows. Less direct, but useful for benchmarking yield-oriented infrastructure valuation across asset classes with similar long-duration contracted economics.
• Auckland International Airport: NZX-listed regulated infrastructure asset with long-dated aeronautical access framework. Comparable in its regulated, contracted, yield-oriented infrastructure model relevant to a DBI investor lens.

Direct peers

• Wiggins Island Coal Export Terminal (WICET): Queensland-based coal export terminal at Gladstone serving Bowen Basin producers. Comparable multi-user terminal structure and customer base.
• BMA Hay Point Coal Terminal: The adjacent coal export terminal at Port of Hay Point, operated by BHP Mitsubishi Alliance. Co-located with DBT and directly competes for Bowen Basin met coal export volumes, making it the most direct comparable in the same port complex.
• Abbot Point Operations: Coal export terminal in the Bowen Basin region of Queensland, providing direct infrastructure comparison to DBT for Bowen Basin export volumes.
• Newcastle Coal Infrastructure Group (NCIG): Coal export terminal in Newcastle, NSW, jointly owned by coal producers. Closely comparable multi-user terminal model, customer-owned structure, and contracted take-or-pay framework.
• Port Waratah Coal Services: Operates the Port Waratah coal terminals in Newcastle, NSW — another large Australian met coal export facility serving Hunter Basin producers. Most directly comparable to DBI in asset type, regulatory access regime, and customer structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dalrymple-bay-infrastructure

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dalrymple Bay Infrastructure