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Market intelligence provider, Oceanbolt, part of the Veson Nautical group, reports that coal imports to India in October this year reached their highest level since May 2022. During the month, around 13.8 million tons of coal were moved through Indian ports and terminals, an increase of over 43% compared with the same period last year.
More than half of the coal is coming from Indonesia, representing 56% of coal imports to India this year alone, reports Oceanbolt. “Although the iron ore trade to China has traditionally been the cornerstone of the bulker market, particularly for Capes, it seems that coal imports to India are providing increasing support to the market,” the company states. “Coal is dominating bulker demand to India, accounting for 90% of Capesize trades this year, as well as 76% of Panamax and 49% of Supramax trades,” it adds.
In its latest quarterly forecast, VesselsValue, another Veson Nautical division, highlights the potential for imports to increase further in coming years. The Indian economy is growing at around 6.5% per year and as a result this will increase the country’s demand for energy, both for power and growing industrial activity. As India is highly reliant on coal, VesselsValue predicts that Indian coal imports are expected to increase by 12% per annum between 2023-2025.
