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Coal comeback prompts new trend within dry bulk: "It’s unfortunate for the climate, but it’s necessary right now"

Demand for coal is soaring in Europe due to Russia’s invasion of Ukraine, and the new market supports dry bulk carriers, say the chief execs of Lauritzen Bulkers, Ultrabulk and Golden Ocean to ShippingWatch.

Photo: Stephane Nitschke/Reuters/Ritzau Scanpix

The energy crisis in Europe with extremely elevated prices and shortage of natural gas has resulted in a completely new demand for coal in Germany and the rest of Europe which is also a new situation for dry bulk operators such as Lauritzen Bulkers, Ultrabulk and Golden Ocean.

It’s a combination of very high gas prices and reduced deliveries of natural gas from Russia to particularly Germany which has made Germany and other European countries increase the use of coal as a temporary replacement for gas.

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