Wedoany.com Report-Nov 15, Coal shipments to advanced economies have fallen for their second consecutive year, with Europe registering a 22% year-on-year drop

COAL shipments to advanced economies have fallen for the second year in a row, with demand for thermal coal falling most significantly, as demand for coal used in power generation continues to reduce.

During the first 10 months of 2024, coal shipments to advanced economies dropped by 6% year on year, with import demand falls in Europe being most acute, according to BIMCO shipping analyst Filipe Gouveia.

Coal imports by sea fell by 22% to Europe year on year due to an increased use of renewable energy for electricity production.

Shipments to advanced economies are now expected to reach their lowest levels in 15 years.

Nevertheless, coking coal, utilised for steel production, to advanced economies increased 1% on last year, even though steel production marginally decreased.

“Shipments to advanced economies are falling for the second consecutive year in 2024, but their share of global coal shipments has been falling for longer,” said Gouveia, who noted that in 2009, the last time the volumes were this low, advanced economies were the destination for 57% of global coal shipments, compared to only 30% today.