Most coal exporting countries have seen lower exports so far in the year, with Indonesia being no exception. The main “culprit” is China’s diminished appetite for seaborne coal imports. In its latest weekly report, shipbroker Banchero Costa said that “in Jan-Oct 2025, global seaborne coal loadings declined by -3.6% y-o-y to 1,089.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. In Jan-Oct 2025, exports from Indonesia declined by -8.8% y-o-y to 398.6 mln tonnes, whilst from Australia were down by -1.2% y-o-y to 287.6 mln t. From Russia exports increased by +4.8% y-o-y to 144.2 mln t in Jan-Oct 2025, from the USA declined by -10.1% y-o-y to 67.2 mln t, from South Africa increased by +5.5% y-oy to 52.6 mln t. Shipments from Colombia declined by -16.9% y-o-y to 39.6 mln t in JanOct 2025, from Canada declined by -2.3% y-o-y to 40.0 mln t, and from Mozambique down by -0.9% t-o-y to 17.5 mln t”.

Source: Banchero Costa

According to Banchero Costa, “seaborne coal imports into Mainland China declined by -13.0% y-o-y to 298.0 mln t in Jan-Oct 2025. Imports to India declined by -5.8% yo-y to 191.1 mln t, to Japan declined by -2.7% y-o-y to 125.9 mln t in JanOct 2025, to South Korea down by -4.8% y-o-y to 87.9 mln t. Imports to Vietnam increased by +4.7% y-o-y to 50.3 mln t, whilst to Taiwan volumes declined by -6.7% yo-y to 44.2 mln tonnes. To the EU imports were up by +2.5% y-o-y to 52.4 mln tonnes in Jan-Oct 2025, and to Turkey went down -3.8%% y-o-y to 30.5 mln t. Indonesia is the world’s largest seaborne exporter of coal, accounting for 36.6% of the global seaborne coal market so far in 2025”.

“Export volumes from Indonesia were relatively depressed during 2020 and 2021, due to disruption from Covid19 and from government policies favouring domestic consumption, but bounced back to an all-time record high in 2022, and continued to grow further in 2023. Total seaborne coal exports from Indonesia in 2023 reached 494.6 mln tonnes, +10.2% y-o-y, according to AXS Marine vessel tracking data. In 2024, coal exports from Indonesia increased further by +7.7% y-o-y to 532.9 mln tonnes. The vast majority of Indonesian coal exports are loaded in East Kalimantan and South Kalimantan (the island of Borneo), with some volumes also shipped from southern Sumatra island”, the shipbroker said.

Source: Banchero Costa

Banchero Costa added that “the main coal export terminals in Indonesia are: Taboneo/ Banjarmasin (76.4 mln t loaded in Jan-Oct 2025), Balikpapan (36.4 mln t), Tanjung Bara (31.7 mln t), Bunati (31.4 mt), Samarinda (28.7 mt), Muara Pantai (28.7 mt), Muara Berau (27.0 mln t), Muara Banyuasin (24.9 mt), Kaliorang (15.5 mt), Adang Bay (14.8 mt), Sangkulirang (11.2 mt), Tarahan (9.0 mln t), Meulaboh (8.2 mt), Muara Satui (8.1 mt). The majority (52.3%) of coal volumes from Indonesia in 2024 were loaded on Panamax vessels, with 27.7% on Supramax vessels, 10.3% on PostPanamax, and just 7.6% on Capesize tonnage. Mainland China continues to be the top importer of Indonesian seaborne coal exports, accounting for 38.3% of shipments in Jan-Oct 2025. In Jan-Oct 2025, shipments from Indonesia to Mainland China declined by -19.3% y-o-y to 152.7 mln tonnes. About 19.3% of exports, or 77.0 mln tonnes in Jan-Oct 2025, were shipped to India, representing a correction of -13.1% y-o-y. Shipments to the Philippines also declined by -7.6% y-o-y in Jan-Oct 2025 to 29.1 mln tonnes, with the Philippines accounting for 7.3% of Indonesian exports. Exports from Indonesia to Malaysia increased by +14.0% y-o-y in Jan-Oct 2025 to 23.1 mln t, with Malaysia accounting for 5.8%. South Korea imported 21.3 mln t of coal from Indonesia in Jan-Oct 2025, up +2.7% y-o-y. Japan received 20.7 mln tonnes, down -6.9% y-o-y. Exports to Vietnam declined by -6.1% y-o-y to 18.9 mln t. Shipments to Taiwan, CN, surged by +20.8% y-o-y to 14.6 mln t in Jan-Oct 2025”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide