The dry bulk market has been supported from a further increase of Australian iron ore exports during the first quarter of 2026. In its latest weekly report, shipbroker Banchero Costa said that “2025 was another positive year for global seaborne iron ore trade. In Jan-Dec 2025, global loadings of iron ore increased by +3.5% y-o-y to 1,732.0 mln tonnes, based on AXS Marine vessel tracking data. 2026 has begun on a firm note, with export volumes up by +3.5% y-o-y in Jan-Mar 2026 to 398.1 mln tonnes. Exports from Australia increased in Jan-Mar 2026 by +3.8% y-o-y to 221.1 mln tonnes. From Brazil, exports increased by +4.9% y-o-y in Jan-Mar 2026 to 83.4 mln t. From Canada there was a +1.6% y-oy increase to 12.9 mln tonnes. From South Africa volumes increased +8.4% y-o-y to 14.8 mln t. India saw a correction of -11.7% y-oy in Jan-Mar 2026 to 7.5 mln t. From Norway exports rebounded by +4.4% y-o-y to 5.7 mln t”.

According to Banchero Costa, “demand is still driven primarily by Mainland China, which accounts for 73% of imports. Iron ore imports into China increased by +3.6% y-o-y in Jan-Mar 2026 to 291.6 mln tonnes. Imports into Japan declined by -4.4% y-o-y to 20.4 mln t. To the EU, imports increased by +2.6% y-o-y to 17.9 mln t. Volumes into South Korea increased by +0.5% y-o-y to 18.1 mln t. Imports into Malaysia decreased by -6.0% y-o-y to 6.0 mln tonnes. To Vietnam volumes were down by -7.6% y-o-y to 6.2 mln t. To Oman, volumes were down -43.3% y-o-y to 2.0 mln t, to Saudi Arabia down by -26.6% y-o-y to 2.1 mln t, to Bahrain -52.6% y-o-y to 1.6 mln t”.

The shipbroker noted that “Australia is by far the world’s largest exporter of iron ore, with a 55.5% market share in Jan-Mar 2026, well ahead of Brazil’s 21.0%, South Africa’s 3.7%, and Canada’s 3.2%. Export volumes from Australia have been relatively stable in recent years, with moderate increases. In 2020, iron ore exports from Australia surged by +4.1% y-o-y to 903.0 mln tonnes. This was followed by a -0.3% y-o-y decline in 2021 to 900.0 mln t, then a +0.8% y-o-y increase in 2022 to 907.2 mln t, a +0.9% y-o-y increase in 2023 to 915.5 mln t, a +1.3% y-o-y increase in 2024 to 927.4 mln t. In Jan-Mar 2026, shipments from Australia increased by +3.8% y-o-y to 221.1 mln t, from 213.0 mln t in the same period of 2025”.

“The main iron ore export terminals in Australia are: Port Hedland (133.6 mln t loaded in Jan-Mar 2026), Port Walcott (36.9 mln t), Dampier (33.5 mln t), Ashburton (7.5 mln t), Cape Preston (2.7 mln t), Geraldton (2.4 mln t), Esperance (1.3 mln t), Whyalla (1.2 mln t), Koolan Island (0.4 mln t). The vast majority (78.8% in Jan-Mar 2026) of iron ore volumes from Australia are loaded on Capesize and Newcastlemax vessels (i.e. vessels in the 120-220k dwt range), with 15.4% on VLOCs, 3.9% on Post-Panamaxes, and 1.1% on Kamsarmaxes. Mainland China is by far the top iron ore importer from Australia, with a 83.6% share of shipments from Australian ports in Jan-Mar 2026. Exports to Mainland China from Australia increased by +3.5% y-o-y to 184.9 mln t in Jan-Mar 2026, from 178.7 mln tonnes in Jan-Mar 2025. The second largest destination for Australian ore is South Korea, with a 6.1% share in 2026. Shipments from Australia to South Korea increased by +10.1% y-o-y to 13.4 mln t in Jan-Mar 2026, from 12.2 mln t in Jan-Mar 2025. Export to Japan declined by -5.6% yo-y to 11.0 mln t in Jan-Mar 2026. Volumes from Australia to Taiwan increased by +4.0% y-o-y to 3.4 mln tonnes in Jan-Mar 2026. To Vietnam volumes of Australian iron ore declined by -10.9% y-o-y to 3.3 mln tonnes in Jan-Mar 2026”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide