Investors are not buying into the myth of a coal industry ‘renaissance’
At the world’s biggest coal export port in England, no China-bound ships are waiting or scheduled to load before Christmas
By Ben Smee and Ben Butler / The Guardian
Three years ago, pictures of bulk carriers lined up off the coast of Mackay, Australia, were framed as evidence of a “renaissance” in the coal industry.
There were more than 70 coal ships in the offshore gridlock in December 2017. This year, there were just 12 waiting equaling a record low set at the height of the COVID-19 pandemic.
At the world’s biggest coal export port in Newcastle, England, no China-bound ships are waiting or scheduled to load before Christmas. More than 50 ships carrying Australian coal are reportedly waiting off the Chinese coast.
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