Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels.
In Jan-Dec 2023, global seaborne coal loadings increased by +5.8% yo-y to 1,339.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine.
In Jan-Jun 2024 the positive trend continued, with global coal loadings increasing by +2.6% y-o-y to 672.5 mln t, from 655.6 mln t in the same period last year.
In Jan-Jun 2024, exports from Indonesia increased by +9.1% y-o-y to 256.9 mln t, whilst from Australia were up +3.0% y-o-y to 172.6 mln t.
From Russia exports declined by -14.6% y-o-y to 82.3 mln t in Jan-Jun 2024, from the USA increased by +3.5% y-o-y to 43.6 mln t, from South Africa declined -2.1% y-o-y to 30.2 mln t.
Shipments from Colombia increased by +15.2% y-o-y to 30.8 mln t in JanJun 2024, from Canada down by -1.4% y-o-y to 24.6 mln t, and from Mozambique by -5.0% t-o-y to 10.5 mln t.
Seaborne coal imports into Mainland China increased by +11.0% y-o-y to 195.5 mln t in Jan-Jun 2024, to India increased by +9.0% y-o-y to 126.2 mln t, to Japan declined by -8.3% yo-y to 73.7 mln t in Jan-Jun 2024, to South Korea -6.7% y-o-y to 54.3 mln t, to the EU down -41.6% y-o-y to 30.3 mln tonnes.
Mainland China is currently the world’s largest seaborne importer of coal (including both thermal and coking), accounting for 27.5% of the global seaborne coal market in 2023.
It is ahead of India, which accounts for 18.0% of coal trade and Japan with a 12.0% market share.
Total seaborne coal imports into China in the 12 months of 2023 reached 368.4 mln tonnes, according to Refinitiv vessel tracking data.
This was up +48.6% y-o-y from the 248.0 mln tonnes of 2022, and +23.5% from the 298.2 mln t in 2021, and also +50.7% above the 244.5 mln tonnes imported in 2020.
In 1H 2024, imports into China increased by +11.0% y-o-y to 195.5 mln t in Jan-Jun 2024.
In the first half of 2024, most coal volumes into China (47.1%) were loaded on Panamax vessels, with 26.6% on Supramax and Ultramax vessels, 6.8% on Post-Panamaxes and 15.8% on Capesize tonnage.
Top discharge ports for coal imports into China in Jan-Jun 2024 were Machong (12.3 mln tonnes of coal in Jan-Jun 2024), Fangcheng (11.7 mln t), Qinzhou (10.3 mln t), Caofeidian (8.3 mln t), Meizhou (8.0 mln t),
Shanghai (6.6 mln t), Nanjing (5.5 mln t), Ningbo (5.0 mln t), Dongwu (4.8 mln t), Xiamen (4.8 mln t),
Haimen (4.6 mln t), Lianyungang (4.4 mln t), Chaozhou (4.3 mln t).
Indonesia is still by far the top supplier of coal to China accounting for 53.3% of China’s imports in the first 6 months of 2024.
Arrivals from Indonesia increased by +0.6% y-o-y to 104.3 mln tonnes in Jan-Jun 2024 compared to 103.6 mln t in 1H 2023.
Australia is now back (!!!) and the second largest supplier of coal into China with a share of 19.1%.
In 1H 2024, China imported 37.3 mln tonnes of coal from Australia, up +105.7% y-o-y from 18.1 mln tonnes in 1H 2023.
It should be noted that volumes were just 0.1 mln t in 1H 2022, when the boycott against Australian coal was still being enforced.
The third largest supplier of coal to China is Russia, accounting for a 16.4% share of Chinese imports.
Coal shipments from Russia to China declined by -19.7% y-o-y to 32.0 mln tonnes in Jan-Jun 2024, from 39.8 mln tonnes in 1H 2023, but are still above the 21.3 mln t in 1H 2022.
Most Russian shipments are sourced from the Far East region of the country, with 7.3 mln tonnes imported in 1H 2024 from the port of Vanino, 6.2 mln t from Vostochny, 4.6 mln t from Nakhodka, 4.2 mln t from Shakhtersk.
Coal volumes from Colombia to China have also skyrocketed to 6.0 mln t in Jan-Jun 2024, from just 0.5 mln t in the same period of 2023.
Source: Bancosta
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