In October 2023, coal imports to India reached a 43.5% year-on-year increase, hitting the highest level since May 2022 at 13.8 million metric tons, as reported by Oceanbolt, a Veson Nautical solution. Bulker earnings, particularly for larger vessels like Panamaxes, have strengthened in Q4, with a notable 18.54% increase. Over half of the imported coal comes from Indonesia, constituting 56% of India's coal imports this year. VesselsValue, in their quarterly forecast, anticipates further growth in coal imports to India, driven by the country's 6.5% annual economic growth and its reliance on coal, which accounts for 75% of energy consumption. The data suggests a shifting market dynamic, with coal becoming a significant factor in supporting the Bulker industry.

SOURCE:GOOGLE