Oslo - “During the first 10 months of 2024, coal shipments to advanced economies fell 6% y/y. Import demand weakened, particularly in Europe, where it fell 22% y/y as countries continued to decarbonise their electricity generation. At this rate, shipments to advanced economies will reach a 15-year low in 2024,” says Filipe Gouveia, Shipping Analyst at BIMCO.

Thermal coal shipments fell by 9% y/y as electricity generation from coal decreased, especially in Europe. In Asian advanced economies, shipments only fell 4% y/y, as higher temperatures increased electricity demand for air conditioning . . .