Bulk coal vessel freight rates to India fall w-o-w
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Coal vessel freight rates continued to downtrend this week amid oversupply of ships. The Pacific region remained slow due to sufficient availability of tonnages. Shipowners are showing resistance due to weather disruption and overall cargo volumes are subdued.
Notably, coking coal stocks at major Indian ports in week 31 stood at around 5.36 million tonnes (mnt), as per BigMint's assessment. Stocks fell by 2% w-o-w compared to 5.45 mnt assessed in week 30, as per BigMint data.
Route Specifications:
- Australia-India freight rates fall w-o-w: Freight rates from Australia inched down this week. As per BigMint's assessment, freight rates from Port Hay Point to Paradip were recorded at $16.14/dry metric tonne (dmt), a decrease of $0.36/t w-o-w. As per sources, SAIL have booked a Panamax vessel from Hay Point to Paradip. Despite the availability of September laycan being less compared to August cargoes, the supply continued to be more than demand.
- South Africa-India freights lower w-o-w: Freight rates from the Richards Bay Coal Terminal (RBCT) to Paradip are currently at around $15.7/dmt, down by $0.5/t w-o-w. As per sources, an East India-based market player have booked a Panamax vessel from RBCT port to Paradip port at freight rates $15.35/t. The shipment is scheduled on 22-31 August. Indian industrial demand remained weak due to persistent rains in several regions, which have kept inquiries lower from India in the ongoing month.
- Indonesia-India freights drop w-o-w: Freight rates for coal shipments from East Kalimantan to Paradip stood at $12.9/dmt, declined by $0.4/t w-o-w. As per sources, a Supramax vessel were booked from Meulaboh port to Hazira port at $9.85/t. The shipment is scheduled on 13-19 August. Weak demand from India was noticed on the back of regional disruptions and lower inquiries because of the monsoon.
