Coal’s ‘last stand’ keeps bulker markets buoyant as energy security fears reshape demand
- Coal remains embedded in national energy security strategies despite decarbonisation efforts
- Seaborne coal shows signs of recovery after a bruising 2025
- Growing evidence that energy shortage cycles, and coal’s role in them, may be structural
Despite repeated predictions of its demise, coal is proving stubbornly resilient in 2026. Weakness in gas supply, extreme heat, shifting trade flows and renewed focus on energy security are keeping seaborne coal demand alive, while giving several vessel segments an unexpected and timely lift
