Dry bulk market: coal shipments to fall by 6.9% between 2023 and 2025

Coal shipments could fall by 3-5% in 2024 and 2-4% in 2025. However, we are more conservative in our estimate and expect a more moderate and gradual decline in the coal trade. We believe shipments could remain strong during the first half of 2024, before hydro power recovers significantly.