India’s coal imports edged downwards during 2024, having a negative impact on dry bulk shipping. In a recent report, shipbroker Banchero Costa said that “in Jan-Dec 2024, global seaborne coal loadings increased by +2.4% yo-y to 1,371.8 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. This represents a slowdown from the +5.8% y-o-y growth seen in 2023. In Jan-Dec 2024, exports from Indonesia increased by +7.7% y-o-y to 532.9 mln tonnes, whilst from Australia were up by +3.5% y-o-y to 356.1 mln t. From Russia exports declined by -12.2% y-o-y to 162.1 mln t in JanDec 2024, from the USA increased by +4.6% y-o-y to 90.6 mln t, from South Africa increased by +2.2% y-oy to 62.1 mln t. Shipments from Colombia declined by -0.8% y-o-y to 55.9 mln t in JanDec 2024, from Canada down by -1.5% y-o-y to 49.2 mln t, and from Mozambique by -10.5% t-o-y to 21.3 mln t. Seaborne coal imports into Mainland China increased by +15.9% y-o-y to 427.1 mln t in Jan-Dec 2024. Imports to India declined by -1.8% yo-y to 236.5 mln t, to Japan declined by -2.1% y-o-y to 157.1 mln t in JanDec 2024, to South Korea -6.2% y-oy to 110.2 mln t. To the EU imports were down by -27.2% y-o-y to 25.3 mln tonnes in Jan-Dec 2024, whilst to Vietnam volumes increased by +19.1% y-o-y to 56.5 mln tonnes”.
According to the shipbroker, “India is the world’s second largest seaborne importer of coal after Mainland China, accounting for 17.3% of the global seaborne coal market in 2024. Import volumes into India increased very strongly during 2022 and 2023, then slowed down in 2024. Total seaborne coal imports into India in 2022 reached 225.4 mln tonnes, +10.3% y-o-y, according to AXS Marine vessel tracking data. In 2023, India imported 240.8 mln t of coal, up +6.9% y-o-y. In Jan-Dec 2024, however, imports declined -1.8% y-o-y to 236.5 mln t. 32% of coal volumes delivered into India in 2024 were loaded on Capesize vessels, with 9% on PostPanamax vessels, 40% on Panamax tonnage, and 19% on Supramaxes”.
Banchero Costa added that “about 60 percent of coal imports into India are delivered to the East coast of the country, primarily to the states of Odisha and Andhra Pradesh. The majority of the rest is discharged in the North-Western state of Gujarat, India’s most industrialized state, which alone accounts for 30 percent of India’s total coal imports. The main coal import terminals in India are: Mundra in Gujarat (31.1 mln t discharged in Jan-Dec 2024), Krishnapatnam in Andhra Pradesh (22.9 mln t), Dhamra in Odisha (22.6 mln t), Paradip (22.1 mln t), Visakhapatnam (18.4 mln t), Hazira (14.4 mln t), Jaigad (12.9 mln t), Gangavaram (12.8 mln t), Tuticorin (9.2 mln t), Ennore (8.2 mln t), New Mangalore (7.5 mln t), Kandla (7.3 mln t), Mumbai (6.6 mln t), Dahej (6.5 mln t), Mormugao (5.5 mln t).
Trade patterns for Indian imports saw significant shifts due to both commercial and political factors. Indonesia continues to be the top exporter of coal to India, accounting for 43.6% of total Indian imports in Jan-Dec 2024. In Jan-Dec 2024, coal shipments from Indonesia to India increased by +2.7% y-o-y to 103.2 mln tonnes, were still below the record 104.0 mln t in 2022. About 17.1% of imports, 40.5 mln t in Jan-Dec 2024, were shipped from Australia, down by -19.5% y-o-y from 50.2 mln t in 2023, and well below the 74.2 mln t in 2021. The reason for this is that Australian coal is once again going to China. South Africa exported 30.5 mln tonnes of coal to India in Jan-Dec 2024, up +13.2% y-o-y, with a share of 12.9% of Indian imports. Shipments from Russia to India corrected marginally by -0.7% y-o-y in 2024 to 25.1 mln tonnes from 25.3 mln t in 2023, with Russia now accounting for 10.6% of Indian coal imports. Imports from the USA also declined by -1.9% y-o-y to 20.4 mln t”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
