There's more coal being shipped by sea than ever before [View all]
https://finance.yahoo.com/news/more-coal-being-shipped-sea-213157819.html
3
Clean, green renewables are on the rise. Coal, the dirtiest fuel, is dying. Or so the energy transition line goes. The reality, according to the International Energy Agency (IEA), is that global coal production, consumption, and seaborne volumes are all at all-time highs in 2023.
Coal isnt dying yet globally, just in the West. Its still alive and kicking in Asia and still growing globally as a result. Thats bad news for greenhouse gas emissions, but good news for owners of the dry bulk ships that transport coal, particularly as America exports more of its own mining output via long-haul voyages to Asia.
Demand to ship coal has been a good support for the dry bulk market over the first half of the year, said ship brokerage BRS on Thursday. Despite coal demand in Europe and North America resuming its downward trend, Asia has provided an offset as demand continues to grow there.
Seaborne coal volumes are predicted to reach 1,335,000 million metric tons this year, topping 2019s record of 1,331,000 tons, the IEA said in its recently released midyear outlook.
This is bad. Really bad.