Empty iron-ore ships switch to coal to survive China's slump
Cargo ships suffering from weak Chinese demand for iron-ore are finding a more lucrative alternative as the global energy crisis spurs a greater need for coal.
Miners and traders are slashing shipments of iron ore, the second-most widely traded seaborne commodity, and re-assigning their bulk carriers to highly unusual coal routes to prop up earnings. More vessels are ferrying the fuel from Russia to China and from Australia to Europe, according to owners, brokers and traders.