Indonesian exports of coal have reached their second-highest level on record as overseas buyers shift purchases from Russia, according to BIMCO. “From week five to 11 this year Indonesia exported 62.9 MMT of coal, an 11.5% rise compared with the same period last year and only exceeded by 2019 for the highest volumes on record shipped during those weeks,” the shipping association’s chief shipping analyst Niels Rasmussen said in a note.

Indonesia is the world’s largest exporter of thermal coal. China and India are key buyers of Indonesian coal, accounting for 45% and 16% of 2021 volumes, it said. The Indonesian government temporarily banned coal exports in January over concerns of inadequate supply for domestic power plants. This removed around 30% of global coal volumes from the bulk market and left about 150 vessels waiting off the South Kalimantan coal-exporting region. The ban was lifted at the end of January.

“In the short term we expect Indonesian exports to remain strong as buyers look to catch up on delayed shipments,” said Mr Rasmussen. “Unfortunately, however, there are rumors that another export ban many come in April or August.”

Post-invasion bulk carrier vessel sailings from Russia have dropped 72% for the seven-day period until March 16, compared with the week before Ukraine was invaded, Lloyd’s List Intelligence data shows. Shipments from the Far Eastern Russian coal exporting port of Vostochnyy contracted to eight, compared with 18 over that period.