Global coal exports ease 3% w-o-w as Pacific loadings soften; Atlantic shipments mixed

• Pacific exports lost pace; Atlantic flows stayed mixed
• Canada joined Colombia in bucking the softer market trend

Global seaborne coal exports slipped 2.6% w-o-w to 17.42 mnt in Week 30 (18-24 Jul’26) from 17.89 mnt a week earlier, as softer Australian and South African shipments outweighed stronger cargoes from Colombia and Canada. While Asian coal demand remained largely stable, lighter vessel line-ups, subdued miner participation, and rail constraints at key export hubs capped overall loading activity.

Australia remained the largest exporter with 6.63 mnt, despite softer Queensland terminal activity. Indonesia retained the second spot at 6.18 mnt, while South Africa and the US witnessed lighter export programmes. In contrast, improved terminal performance lifted shipments from Colombia and Canada.

Australia and Indonesia anchor Pacific flows

• Australia shipped 6.63 mnt, led by Newcastle (3.26 mnt), DBCT (1.09 mnt) and Gladstone (1.08 mnt). Japan (2.44 mnt) remained the largest destination, followed by China (1.03 mnt). BHP (0.51 mnt), Yancoal (0.47 mnt) and Glencore (0.42 mnt) emerged as the leading shippers.
• Indonesia exported 6.18 mnt, with Taboneo (1.15 mnt) and Samarinda (0.91 mnt) serving as the principal loading hubs. India (1.45 mnt) remained the largest importer, followed by China (1.18 mnt) and the Philippines (0.91 mnt). Jhonlin Group (0.62 mnt) and Kaltim Prima Coal (0.59 mnt) led shipments.
• Canadian exports rose to 0.93 mnt, supported by Roberts Bank (0.53 mnt) and Prince Rupert (0.23 mnt). South Korea (0.30 mnt) remained the leading destination, followed by Japan (0.17 mnt) and China (0.16 mnt), while Elk Valley Resources (0.17 mnt) topped shipper rankings.

Atlantic exports present a mixed picture

• South African shipments eased to 1.22 mnt, with Richards Bay accounting for the entire volume. Pakistan (0.27 mnt) emerged as the largest destination, ahead of India (0.18 mnt) and China (0.17 mnt).
• The US exported 1.57 mnt, led by Norfolk (0.58 mnt) and Baltimore (0.45 mnt). India (0.24 mnt) was the largest destination, followed by the Netherlands (0.12 mnt).
• Colombia bucked the broader trend, with shipments climbing to 0.89 mnt. Puerto Nuevo (0.51 mnt) and Puerto Bolivar (0.34 mnt) handled the bulk of exports, while Prodeco Group (0.51 mnt) and Cerrejon Mines (0.34 mnt) led shipper activity. The Netherlands (0.19 mnt) remained the key destination.

Higher bunker costs cushion weak dry bulk sentiment

Dry bulk coal freight into India remained broadly firm during the week, even as overall sentiment stayed subdued. Higher bunker fuel prices continued to support owners’ rate expectations, offsetting the impact of ample vessel availability and cautious chartering activity.

In the Pacific, Panamax sentiment remained under pressure amid limited fresh cargoes, while Supramax activity was mixed. The Atlantic basin proved relatively resilient, supported by selective cargo enquiries and tighter vessel supply on some routes. Overall, freight movements remained route-specific rather than driven by a broad-based market recovery.

Outlook

We expect export performance to continue to hinge on terminal throughput, rail logistics, and vessel availability across major origins, while demand from key Asian buyers and freight market dynamics will determine the pace of cargo movements in the weeks ahead.