… climbed to a record high of 56%.
The shift reflects reduced Colombian and USEC Capesize exports to China, alongside a continued rebalancing in the Australia–China trade — from an average 60% on Capesize pre-2022 to 48% in 2024 and 38% in 2025 YTD.
Since Jul’25, however, Capesize coal ton-miles have started to recover, rising from 25% in Jul to 27% in Oct, mostly at the expense of Panamax vessels.
For further insights, contact [email protected].