A barge transports coal on the Mahakam River in Indonesian Borneo. The Samarinda Grand Mosque is just visible in the background.

Photograph: Kemal Jufri/ Panos Pictures

Mar 31st 2026|3 min read

THE LAST cargoes of liquefied natural gas from the Gulf, the source of a fifth of global LNG production, set sail a month ago, before America and Israel attacked Iran. As these reach their destinations at the start of April, energy importers reliant on the stuff, particularly for electricity generation, are scrambling to respond. Rich ones are forking out more for whatever LNG they can get their hands on. Some poor ones have shut schools or urged businesses to cut short their work week. Everyone is looking for alternatives. Many are eyeing coal.

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

Coal is back in fashion