China becomes coal net importer

Beijing: Bulker owners can prepare for dramatically better times ahead following the news just released that China, with more coal reserves than anyone else, has become a net importer of coal. The People's Republic became a net importer of coal in January and plans to curtail exports of the fuel in 2007, as record-high domestic prices choke shipments abroad and fuel an influx, especially from Vietnam.

Chinese coal imports reached about 4.7 million tonnes in the first month of this year well above January exports of 3.29 million tonnes. [28/02/07]