Seaborne coal cargoes from Australia are finding new destinations, as China’s share during the first quarter of 2026 has shrunk. In its latest weekly report, shipbroker Banchero Costa said that “in Jan-Mar 2026, global seaborne coal loadings declined by -1.7% y-o-y to 303.9 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. In Jan-Mar 2026, exports from Indonesia declined by -5.8% y-o-y to 109.9 mln tonnes, whilst from Australia were up by +1.6% y-o-y to 78.0 mln t. From Russia exports increased by +1.4% y-o-y to 39.6 mln t in Jan-Mar 2026, from the USA declined by -0.9% y-o-y to 20.0 mln t, from South Africa by +8.4% y-o-y to 17.8 mln t. Shipments from Colombia were up by +0.6% y-o-y to 12.9 mln t in JanMar 2026, from Canada up by +0.5% y-o-y to 11.4 mln t, and from Mozambique down by -17.9% y-o-y to 3.7 mln t”.

According to the shipbroker’s data, “seaborne coal imports into Mainland China declined by -10.8% y-o-y to 79.4 mln t in Jan-Mar 2026. Imports to India declined by -3.0% yo-y to 54.7 mln t, to Japan increased by +4.1% y-o-y to 41.7 mln t in JanMar 2026, to South Korea up by +20.2% y-o-y to 29.1 mln t. To the EU imports were down by -6.1% y-o-y to 15.2 mln tonnes in Jan-Mar 2026, whilst to Vietnam volumes declined by -5.2% y-o-y to 15.7 mln tonnes. Imports to Malaysia declined by -10.7% y-o-y to 8.5 mln t, and to Bangladesh by +12.0% y-o-y to 5.0 mln t”.

Source: Banchero Costa

Banchero Costa noted that “Australia is the second largest exporter of coal worldwide, with 26.5% of global seaborne coal exports in Jan-Dec 2025, quite far behind Indonesia which had a 37.4% share in Jan-Dec 2025. Coal shipments from Australia were drastically affected in 2021-2022 by the country being backlisted by Mainland China, previously Australia’s largest customer. That said, Australian exporters were relatively successful in finding new markets limiting the impact on overall volumes, and the Chinese ban was effectively reversed from the beginning of 2023. In 2022, Australian coal exports fell sharply by -7.8% y-o-y to 329.1 mln t, from 356.9 mln tonnes in 2021, based on AXS Marine data. In 2023, volumes rebounded to 344.1 mln t, or +4.6% y-o-y. In 2025, shipments declined by -1.5% y-o-y to 351.1 mln tonnes”.

“The main coal export terminals in Australia are Newcastle (33.4 mln tonnes loaded in Jan-Mar 2026), Gladstone (15.8 mln t), Dalrymple Bay (12.5 mln t), Hay Point (7.1 mln t), Abbot Point (6.7 mln t), Brisbane (1.4 mln t), Port Kembla (0.9 mln t). The majority (69.3%) of coal volumes shipped from Australia in Jan-Mar 2026 were loaded on Panamax or Post-Panamax tonnage, with 28.3% of volumes shipped on Capesize vessels, and 2.4% on Handy or Supra tonnage. There have been quite remarkable reshuffles in terms of trade patterns over the last few years, driven by political considerations”, the shipbroker said.

Source: Banchero Costa

“Coal exports from Australia to Mainland China declined by -7.6% yo-y in Jan-Dec 2025, to 79.0 mln tonnes, from 85.4 mln t in 2024. Let’s remember that in 2022, due to the “unofficial” Chinese ban, Australia shipped just 0.3 mln tonnes of coal to China. In Jan-Mar 2026, Australia exported 13.1 mln tonnes to China, down -17.2% y-o-y from Jan-Mar 2025. Mainland China now accounts for 16.8% of Australia’s coal exports. The top destination however is still Japan, with 103.1 mln tonnes in JanDec 2025, down -2.6% y-o-y. In Jan-Mar 2026 Australia exported 24.1 mln tonnes to Japan, up +4.7% y-o-y, with Japan now accounting for 30.9% of Australian coal exports. In third place, with 12.0%, is India. In 2025, Australia exported 42.0 mln t of coal to India, up +4.5% y-o-y, from 40.2 mln t in 2024. In Jan-Mar 2026, Australia shipped 9.2 mln t of coal to India, down -1.7% y-o-y. To Vietnam, volumes declined by -20.9% y-o-y to 4.6 mln t”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide