U.S. Coal Exports Witness Sharp Drop After Francis Scott Key Bridge Collapse In Baltimore
On Tuesday, the U.S. Energy Information Administration (abbreviated as EIA) revised its coal exports forecast for April downward by 33% and decreased its view for May by 20% owing to the unexpected collapse of the Francis Scott Key Bridge in Baltimore, followed by the port closure.
The EIA expected U.S. coal exports to increase by approximately 1% in 2024 but now anticipates a 6% decline from the levels observed last year after the bridge collapse.
The U.S. coal shipments declined following the sudden closure of the Port of Baltimore, the nation’s second-largest coal export channel, following a considerable cargo vessel slamming into the bridge on 26 March.
Joe DeCEIA’ss, EIA’s administrator, said there is significant apprehension based on the timeline of the port reopening and how fast the exporters may adjust to exporting through the alternative ports.
While coal has dwindled to almost 15% of the total U.S. power generation as renewable energy, natural gas, and other cleaner energy sources take its place, coal supplies nearly one-third of the electricity in the world.
Reference: Bloomberg
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