Q1 2026 at a glance
January–March 2026, against the same quarter last year and the prior quarter.
Quarterly volume, last 3 years (Mt)
Top Q1 2026 destinations (Mt)
| Market | Mt | Share | |
|---|---|---|---|
| 1 | Japan | 9.5 | 21% |
| 2 | India | 9.2 | 21% |
| 3 | South Korea | 7.9 | 18% |
| 4 | China | 4.8 | 11% |
| 5 | Vietnam | 4.1 | 9% |
| 6 | Taiwan | 1.7 | 4% |
| 7 | Netherlands | 1.4 | 3% |
| Others | 5.5 | 12% |
Export trend explorer
How Q1 2026 sits against history. View by quarter to see seasonality or by year for the long trend; switch between shipped volume and export value, and break the totals down by grade, region or port.
Where the coal went in Q1 2026
Top destination markets and loading ports this quarter, each set against the same quarter a year earlier (Q1 2025) for a like-for-like, seasonally fair comparison.
Destination markets: Q1 2026 vs Q1 2025 (Mt)
| Market | Q1 ’26 | Q1 ’25 | Δ YoY | |
|---|---|---|---|---|
| 1 | Japan | 9.46 | 8.66 | ▲ +9.3% |
| 2 | India | 9.16 | 8.76 | ▲ +4.6% |
| 3 | South Korea | 7.95 | 6.41 | ▲ +24.0% |
| 4 | China | 4.78 | 4.90 | ▼ -2.4% |
| 5 | Vietnam | 4.11 | 3.68 | ▲ +11.9% |
| 6 | Taiwan | 1.75 | 2.13 | ▼ -17.9% |
| 7 | Netherlands | 1.43 | 1.04 | ▲ +37.8% |
| 8 | Indonesia | 1.07 | 1.14 | ▼ -5.9% |
Loading ports: Q1 2026 vs Q1 2025 (Mt)
| Port | Q1 ’26 | Q1 ’25 | Δ YoY | |
|---|---|---|---|---|
| 1 | Gladstone Port | 15.28 | 14.35 | ▲ +6.5% |
| 2 | Dalrymple Bay | 12.01 | 11.52 | ▲ +4.3% |
| 3 | Hay Point | 7.70 | 7.58 | ▲ +1.6% |
| 4 | Abbot Point | 7.59 | 8.24 | ▼ -7.8% |
| 5 | Port of Brisbane | 1.52 | 1.11 | ▲ +37.0% |
By coal grade
Queensland's premium metallurgical (coking) grades dominate the tonnage; thermal coal is the balance. Shown for Q1 2026 against the same quarter last year.
Coal grade: Q1 2026 vs Q1 2025 (Mt)
| Grade | Q1 ’26 | Q1 ’25 | Share | Δ YoY | |
|---|---|---|---|---|---|
| 1 | Hard Coking | 19.41 | 18.55 | 44% | ▲ +4.7% |
| 2 | PCI | 8.18 | 7.86 | 19% | ▲ +4.1% |
| 3 | Semi-Soft | 2.11 | 2.10 | 5% | ▲ +0.6% |
| 4 | Thermal | 14.44 | 14.29 | 33% | ▲ +1.0% |
Outlook & operational read
Grounded in the data above, not forecasts: here is how the picture bears on shipping operations.
Vessel-call demand looks stable
Export volume has held flat at roughly 193–204 Mt a year recently, so port-call frequency should hold near current levels absent a major price or weather shock.
Watch the India / Japan gap
India (9.2 Mt this quarter) has drawn to within ~3.2% of Japan (9.5 Mt) and is the one large market still adding metallurgical demand, a shift in the destination mix to plan around.
Revenue risk is price, not volume
Implied value per tonne is down ≈54% from its 2022 peak on near-flat tonnage, so client earnings (and demurrage tolerance) track coal prices far more than shipped volume.
Plan for the Q1 wet-season dip
Q1 is usually the softest quarter (-18.8% on the prior quarter); berth, laycan and rail congestion typically rebuild through Q2–Q4 as volumes recover.