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From Capesize to Panamax: changing patterns in coal trade flows
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12 November, 2025
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From Capesize to Panamax: changing patterns in coal trade flows

In Jan–Oct’25, global coal ton-miles fell -9% YoY to 5.4 trillion, with Capesize market share dropping to a record low of 26% (-5% YoY), while Panamax…

Graph in IFCHOR GALBRAITH brand colours showing global coal ton-miles by ship size from 2019 to 2025, highlighting the shift from Capesize to Panamax vessels and a 9% year-on-year decline in 2025.

… climbed to a record high of 56%.

The shift reflects reduced Colombian and USEC Capesize exports to China, alongside a continued rebalancing in the Australia–China trade — from an average 60% on Capesize pre-2022 to 48% in 2024 and 38% in 2025 YTD.

Since Jul’25, however, Capesize coal ton-miles have started to recover, rising from 25% in Jul to 27% in Oct, mostly at the expense of Panamax vessels.

For further insights, contact research@IfchorGalbraiths.com.