Bulk coal vessel freight rates remain stable w-o-w
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- Active trading activities support freight levels
- Indian coal port stock remains stable w-o-w
Coal vessel freight rates remained supported this week amid recovering demand for coal. Additionally, few inquiries got fixed this week, keeping the rates largely stable. The shipment period of fixtures are for September, hoping weather conditions will be favourable. Notably, thermal coal stocks at Indian ports were at 14.64 million tonnes (mnt) in week 33 against 14.45 mnt in week 32, stable w-o-w, as per data compiled by BigMint.
Route specification:
- Australia-India freight rates remain stable w-o-w: Freight rates from Australia remained stable this week. As per BigMint's assessment, freight rates from Port Hay Point to Paradip were recorded at $16.1/dry metric tonne (dmt). As per sources, SAIL have inquired for Panamax vessels from east coast of Australia to east coast of India for September shipment period.
NMDC have booked a Panamax vessel from Hay Point to Gangavaram port at freight of $15.95/t. The shipment is scheduled for 15-24 September, sources informed BigMint.
- South Africa-India freights remain constant w-o-w: Freight rates from the Richards Bay Coal Terminal (RBCT) to Paradip are currently at around $15.7/t, stable w-o-w. According to sources, trading activity for the route was thin due to weak demand and lower inquiries from market participants in India.
- Indonesia-India freights inch up w-o-w: Freight rates for coal shipments from East Kalimantan to Paradip stood at $13.05/t, up by $0.2/t w-o-w. According to sources, a Supramax vessel has been booked for end-August shipment from East Kalimantan to the west coast of India at approximately $16/t. Vessels for end-August shipments have been secured at premium rates, while freight levels for the September shipment period remained uncertain.
