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Russian coal exports down 8.7% year on year in first 10 months of 2024
Release time:
2024-12-15 10:27
Source:
According to the information of CCA Analysis on November 30, 2024, the total volume of Russian coal exports fell to 164.6 million tons in January-October, 15.6 million tons less than in the same period of the previous year, down 8.7% year-on-year.
Previously released Kpler ship tracking data showed that Russia's seaborne coal exports in January-October 2024 totaled 132 million tons, down 15.3% from the same period a year earlier. In particular, the volume of seaborne coal exports in October was 12,328,400 tons, up 6.3% sequentially and down 12.5% year-on-year.
According to information from CCA Analysis, in January-September 2024, losses of Russian coal companies jumped 4.1 times to $1.9 billion, exceeding the total profit of $1 billion in the same period, and the total profit of the coal industry fell by 73.7% year-on-year, with the net loss amounting to more than $800 million, compared with more than $2.9 billion in the same period of 2023, according to CCA Analysis. The share of loss-making companies amounted to 52%, compared to 35% in the same period last year.
In 2023, Coal Russia's profits fell 2.1 times to $3.3 billion, a year-on-year decrease of $4.4 billion. However, since 2024, the negative trend has further intensified due to falling prices on the global market and a significant increase in production costs.
Other factors that continue to have a negative impact on the financial performance of coal mining companies include limited transportation capacity of railroad infrastructure, high railroad freight rates and sanctions in Western countries.
For many Russian suppliers of coal production, the current level of global prices and production costs has made coal exports unprofitable, forcing them to cut back on production and abandon new coal mining projects intended for development.
Russian coal exports will likely continue to decline in 2024
and 2025, as current Western sanctions, such as those of the United States, have covered more than 50 percent of Russia's coalexports.
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