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Coal India's annual shipments down for 1st time in 6 years

For the first time in at least six years, state-owned Coal India Ltd. is expected to report a drop in annual shipments, Bloomberg News reported Jan. 1, citing its own calculations based on company data.

The company's shipments in the 2019 calendar year fell 3.8% year over year to 580.8 million tons due to weak demand from power producers and heavy rains, the report said.

In October 2019, Coal India was forced to halt production at its Dipka mine due to flooding.

Production fell 2.2% to 582.8 million tons, the report added.