Coal demand in April rises in line with our expectations in Dry Bulk Market , International Shipping News 14/05/2026 The war in Iran and subsequent constriction of energy commodity flows appear to have been supportive of coal demand, as flows in April rise y/y for only the second time in 2026 so far. Global seaborne coal flows increased by 6% y/y in April 2026. Coal flows to China and India decreased by over 13% in April 2026. The increase was driven by flows to Japan, the Republic of Korea, and Vietnam, which saw combined flows increase by 22% y/y in April 2026. The disruption of energy commodity flows from the Gulf, particularly LNG, has led large energy-consuming nations to seek coal to secure power requirements. Signal Ocean recorded global seaborne coal flows at 115mt in April 2026, up 6% y/y, marking only the second month in 2026 so far that coal flows have seen a y/y increase. This rise came despite the two largest coal importers, China and India, both seeing declines of 16% and 11%, respectively. China and India typically account for 37% of total seaborne coal demand. The drop in Indian coal imports was unexpected and was offset by increases in domestic production and changes in blending requirements at Indian power stations. Imports did rise m/m, by 3%, as India moves to a higher seasonal power demand period, driven by cooling demand. The rise globally, therefore, has come from surging demand in many other countries. As we expected, the countries that saw greater coal flows have been those seeking to secure inputs for domestic power generation, as LNG flows in particular have been restricted due to the war in Iran. So flows to Japan, the Republic of Korea, and Continental Europe have seen large increases y/y in April. The outlook for coal through 2026 continues to remain closely tied to the Strait of Hormuz. While Europe may be entering the summer months, where power demand is lower, Japan and the Republic of Korea typically see power demand, from cooling,