Indonesia is the world's largest exporter of thermal coal. File Image / Pixabay
More than 100 dry bulk carriers are understood to be stuck in Indonesia after the country's government halted coal exports.
Indonesia banned coal exports on Saturday on concerns over local shortages, news agency Reuters reported on Monday. Maritime news provider TradeWinds said more than 100 bulkers are believed to be trapped in the country waiting for a change in the policy as a result.
Indonesia is the world's largest exporter of thermal coal, and any extended ban on these shipments is likely to have an impact on the dry bulk freight market as well as the global coal market.
Coal miners in Indonesia are required to supply at least 25% of their annual output to state utility Perusahaan Listrik Negara at prices below current market levels, according to Reuters.