Earlier this week, it was reported that around 243 ships loaded with coal was lying idle off China’s coastline following import restrictions.
What happened?
The import restrictions were imposed by China on other countries in April on thermal coal at country’s major ports.
Following this move, China has seen a sharp increase in number of vessels loaded with coal lying idle off the coast of China.
Long queues of ships
Numerous ships were queuing off a number of ports in the southern provinces of Guangxi, Guangdong and Fujian, along the eastern coast and up to Shandong province, sources said.
A trader based in China said, “Imported coal not meant for local enterprises’ usage is not allowed to clear customs. The restrictions have been tightened since April,” another Chinese trader said. “But the impact became more obvious now as utilities are using up their import quotas.”
A platts tracking software showed that 243 ships loaded with coal were stationary off the coast of China, up from a count of 102 ships since the previous round of port restrictions were imposed at the end of October last year.
Did you subscribe for our daily newsletter?
It’s Free! Click here to Subscribe!
Source: S&P Global
