Global seaborne coal exports grew by 3% year on year during January–September 2026, reversing a 4% fall in 2025, Hellenic Shipping News reported, citing research from shipbroker IFCHOR GALBRAITHS (IG). Disrupted LNG shipments through the Strait of Hormuz contributed to the rebound, encouraging Asian power utilities to buy more coal and altering international trade flows.
The recovery masked contrasting demand trends across Asia. According to IG’s Coal Markets Companion Report, the region’s seaborne thermal coal imports held broadly steady at about 550 million tonnes between March and September. Purchases by China declined 7% and those by India fell 10%, but imports elsewhere in Asia increased by around 10%. South Korea, Pakistan, Bangladesh, Japan and Vietnam led that growth.
Laura Gomez of IG’s Research & Advisory team said the expansion in seaborne trade was notable because it occurred while imports into China and India were falling. She linked the shift towards other Asian buyers partly to disruption in LNG supplies, while noting that changes in sourcing were reshaping established shipping routes. Her assessment highlighted the distinction between overall coal consumption and the patterns emerging in maritime trade.
Supply trends also diverged. Indonesia, which accounts for approximately 47% of global seaborne thermal coal trade, recorded a 7% reduction in exports over January–September, including a 16% year-on-year fall in the third quarter. IG expects Indonesian coal exports to ease to approximately 450 million tonnes by 2030, according to the report carried by Hellenic Shipping News.
Metallurgical coal trade moved more strongly upwards, with global seaborne volumes rising 10% year on year in the first nine months, supported by increased Chinese demand. Australian metallurgical coal exports climbed 13%, while shipments to China nearly doubled. IG released the findings alongside the launch of Coal 360, a market intelligence service covering thermal and metallurgical coal production, exports, trade flows, ports, vessel deployment and forecasts. It extends the broker’s existing research offering for iron ore, agricultural commodities and bauxite.