Greek Shipping Company Helps Satisfy Chinese Appetite For Coal

China dethroned the U.S. last year as the world's largest emitter of carbon dioxide, a Dutch policy group reports.

Some blame the greenhouse gas for what they call global warming.

This is due in large part to China's heavy reliance on coal-fired power plants. The nation opens about one plant a week, according to China's State Environmental Protection Administration.

Coal makes up almost 70% of primary energy use in China vs. a world average of less than 30%, the agency says. The country consumes more coal than Europe, Japan and the U.S. combined.

China, once one of world's biggest coal exporters, is now a net importer.

Excel Maritime Carriers will be one of the many dry-bulk shippers transporting coal to quench the energy thirst of the world's most populist nation.

The key driver behind dry-bulk shipping growth over the past 10 years has been rapidly growing global iron ore and coal trades, says analyst Douglas Mavrinac of Jefferies & Co.