While China’s total coal imports surged by 62% in 2023, the seaborne share declined from 93% in 2015 to just 76% today.

China’s Belt and Road Initiative (BRI), also known as the New Silk Road, is ushering in significant changes to global coal trade flows, leading to emerging challenges for maritime transport. While China’s coal imports surged by 62% in 2023 and continue to rise in 2024, the proportion transported by sea has declined from 93% of total imports in 2015–2022 to 76% in recent years.

This shift reflects BRI-driven investments in overland infrastructure and evolving trade relationships. Mongolia, supported by new rail connections and improved border facilities, has become China’s leading coking coal supplier, with all exports arriving by land. Russia, too, has increased coal shipments to China through expanded overland routes, taking advantage of discounted pricing and closer geopolitical ties. Conversely, seaborne coal volumes from Australia have not returned to pre-trade-dispute levels, impacting demand for dry bulk carriers.

These evolving dynamics have introduced complexity for maritime stakeholders, particularly for Capesize and Panamax vessels that traditionally supported long-haul coal trade. The shift to land-based transport has tempered ton-mile growth, raising important considerations for dry bulk market strategies and vessel deployment.

Read the market insights to explore:

• The Belt and Road Initiative’s influence on coal transport routes.
• Key drivers behind the decline in seaborne coal volumes.
• Implications for dry bulk shipping and freight market trends.

Gain new insights into how China’s New Silk Road is reshaping the role of maritime transport in the coal trade.

Download the full analysis now.

“With reduced global demand and limited buyers,
China has capitalized on the opportunity to purchase Russian
coal at discounted prices. As a result, the Russia-China coal
trade surged, increasing by 20% in 2022 and a further 50% in
2023, reaching 102 million tonnes.”

Mikkel Nordberg, Senior Maritime Analyst, Veson Nautical