Dry bulk market overview and outlook: coal shipments could be 4% lower

Coal shipments could be 4.0% lower in 2025 than in 2023. Demand in advanced economies may continue to fall and mining in India and China could limit import demand growth. Coal mining in China and India has been significantly expanding, threatening imports there. In China, imports have remained competitive with domestic coal and safety concerns in Chinese mines having led to limited mining growth in 2023.Coal imports have benefited from no import tariffs since May 2022.