September 20, 2026 - India has been importing less coal overall so far in 2026, despite an increase in imports from Russia. In its latest weekly report, shipbroker Banchero Costa said that “in Jan-Aug 2026, global seaborne coal loadings increased by +1.7% yo-y to 866.8 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. In Jan-Aug 2026, exports from Indonesia declined by -5.2% y-o-y to 296.3 mln tonnes, whilst from Australia were up by +4.9% y-o-y to 233.9 mln t. From Russia exports increased by +10.1% y-o-y to 129.5 mln t in JanAug 2026, from the USA increased by +9.4% y-o-y to 56.2 mln t, from South Africa increased by +11.0% yo-y to 46.3 mln t. Shipments from Colombia increased by +12.1% y-o-y to 33.9 mln t in JanAug 2026, from Canada declined by -1.8% y-o-y to 31.2 mln t, and from Mozambique down by -2.7% y-o-y to 13.5 mln t”.

Source: Banchero Costa

According to Banchero Costa, “seaborne coal imports into Mainland China declined by -5.5% y-o-y to 219.5 mln t in Jan-Aug 2026. Imports to India declined by -8.1% yo-y to 149.8 mln t, to Japan increased by +3.1% y-o-y to 105.9 mln t in Jan-Aug 2026, to South Korea up by +16.9% y-o-y to 79.9 mln t. Imports to Malaysia decreased by -2.8% y-o-y to 26.2 mln t, whilst to Vietnam volumes increased by +9.7% y-o-y to 49.1 mln tonnes. To the EU imports were up by +5.1% y-o-y to 44.6 mln tonnes in Jan-Aug 2026, and to Turkey went down – 22.2% y-o-y to 20.0 mln t. India is the world’s second largest seaborne importer of coal after Mainland China, accounting for 17.3% of the global seaborne coal market so far in 2026. Import volumes into India increased very strongly during 2022 and 2023, then stagnated in 2024 and 2025”.

“In 2023, India imported 240.8 mln t of coal, up +6.9% y-o-y, according to AXS Marine vessel tracking data. In Jan-Dec 2024, imports declined -1.7% y-o-y to 236.7 mln t, before recovering marginally by +0.6% y-o-y to 238.2 mln t in 2025. In the first 8 months of 2026, however, imports have been down sharply -8.1% y-o-y to 149.8 mln t. 28% of coal volumes delivered into India in Jan-Aug 2026 were loaded on Capesize vessels, with 11% on Post-Panamax vessels, 47% on Panamaxes, 14% on Supramaxes. About 50 percent of coal imports into India are delivered to the East coast, primarily to the states of Odisha and Andhra Pradesh. The majority of the rest is discharged in the North-Western state of Gujarat, India’s most industrialized state, which alone accounts for 35 percent of India’s total coal imports. The main coal import terminals in India are: Mundra in Gujarat (16.7 mln t discharged in Jan-Aug 2026), Paradip (15.7 mln t), Dhamra in Odisha (14.7 mln t), Krishnapatnam in Andhra Pradesh (11.3 mln t), Visakhapatnam (10.7 mln t), Hazira (9.8 mln t), Gangavaram (7.7 mln t), Kandla (7.5 mln t), Jaigad (7.2 mln t), Mormugao (6.0 mln t), Ennore (5.4 mln t), Tuticorin (5.1 mln t), Dahej (4.7 mln t), New Mangalore (4.3 mln t)”, the shipbroker said.

Source: Banchero Costa

Meanwhile, “trade patterns for Indian imports saw significant shifts due to both commercial and political factors. Indonesia continues to be the top exporter of coal to India, accounting for 35.4% of total Indian imports in Jan-Aug 2026. In Jan-Aug 2026, coal shipments from Indonesia to India declined by -18.8% y-o-y to 53.0 mln tonnes, now also far below the 73.6 mln t recorded in Jan-Aug 2024. About 17.8% of imports, 26.7 mln t in Jan-Aug 2026, were shipped from Australia, down by -5.2% y-o-y. Shipments from Russia to India increased by +9.4% y-o-y in Jan-Aug 2026 to a record high 24.3 mln tonnes for the period, with Russia now accounting for 16.2% of Indian coal imports. South Africa exported 19.4 mln tonnes of coal to India in Jan-Aug 2026, down -6.0% y-o-y, with a share of 12.9% of Indian imports. Imports from the USA increased by +10.0% y-o-y to 16.4 mln t, whilst from Colombia collapsed by -91.3% y-o-y to 0.2 mln t. Volumes from Ukraine, a new entry since 2025, reached 0.15 mln t in Jan-Aug 2026, down from 0.20 mln t in Jan-Aug 2025”.