India: Bulk freight rates inch down on subdued activity

Vessel freight rates for bulk commodities have inched down, as per SteelMint assessment . The movement of ships remained dull in the market throughout this week. The freight rate of an iron ore-loaded Supramax vessel from the east coast of India to China inched down w-o-w to $10.8/t against $11/t last week.

As per reports, Asia-Pacific supramax dry bulk's (cargo capacity 50,000-55,000 t) freight rates remained stable amid subdued activity. As per sources, the activities are quiet, as spot ships are facing difficulties in seeking cargoes.

Meanwhile, capesize dry bulk's (cargo capacity 160,000-170,000 t) freight rates are increasing on better supply-demand fundamentals. Ship movement in the market has recovered. There are high chances of a rise in movement of the ships in mid-September on improved demand.