Turkey's unexpected coal export offers raise eyebrows at ISM

14.07.2023 16:46
Tonnage: Coaster
Cargo category:  Coal

During week 28, ISM observed a scope of unusual cargo offers. Specifically, there were several cargo offers for coal transportation from Turkey to the EU and UK ports circulating in the market.

  • Up to 12,800 t of coal are offered for shipment from Bandirma to Belfast with 3500x/6000x l/d rates and 14-17 July laycans;
  • Other charterers offer 10-18,000 t of coal for transportation from Marmara or Aliaga to Eleusis with 4000c/3500x l/d rates and vessel's dates;
  • Up to 6,500 t of coal are offered from Samsun or Trabzon to Burgas given 3000c/2500x l/d rates and spot laycans.

Turkey, historically known as a coal importer, does not typically export coal. In fact, in 2022, Turkey imported 37.62 million tonnes of coal, representing a 1.2% increase year-on-year. ISM experts suspect that Turkey may be re-exporting Russian coal.

It is important to highlight that the EU has implemented sanctions against Russian coal in April 2022. These sanctions included a ban on any imports of Russian coal with the wind-down period spreading until August 10, 2022. Similarly, the United Kingdom also banned imports of coal and coal products originating from or consigned from Russia, effective from August 10, 2022.