Overall, we still expect steam coal to play a prominent role in the dry bulk market and continued strength in natural gas prices could secure coal’s role in the global energy mix for a prolonged period. Coal-to-gas forward switching prices in Europe, Japan, and South Korea now all suggest it will be more economical for power plants to burn coal until 2025 at the earliest, implying there will continue to be firm coal demand from these countries going forward. However, some risks to our current outlook remain. China may opt to continue to develop its domestic mining capacity due to high prices on the seaborne market. Further, to reduce reliance on Russian energy supplies the EU and others have committed to ramping up renewable energy spending, the speed of which will determine coal’s role in energy generation going forward. The green energy transition remains the primary risk to seaborne thermal coal trade, although this has been paused in the short-term due to the war in Ukraine, we still see this shift continuing long-term.