India: Coal freights rise amid improved inquiries, surge in Baltic indices

India's coal freight rates increased this week amid improved inquiries following optimism in Chinese and Indian clusters. As per sources, fresh cargo movement was witnessed in the market. An increase in bunker prices and new inquiries have supported freights globally.

Additionally, thermal coal stocks at Indian ports were almost unchanged at 13.11 million tonnes (mnt) in week 38 of CY'24 from 13.10 mnt in week 37, as per data compiled by BigMint.

Baltic indices rise w-o-w: The Baltic indices for Panamax and Supramax vessels surged this week. The Baltic Panamax Index (BPI) was recorded at 1,538 points on 23 September against 1,428 points on 16 September. The Baltic Supramax Index (BSI) was assessed at 1,289 points on 23 September against 1,264 points on 16 September.

Route specifications

• Australia-India freights rise w-o-w: Freights from Australia rose this week, with BigMint's assessment indicating that rates for Hay Point Port to Paradip were at $16.3/dry metric tonne (dmt), up by 0.4/t w-o-w. Sources stated that Jindal Steel and Power Ltd (JSPL) booked a Panamax vessel from Abbot Point to Paradip Port, with shipment scheduled for 15-23 October. Additionally, BHP booked a Panamax vessel from Hay Point to Paradip Port at $16.45/t for mid-October shipment.
  
  
• South Africa-India freights edge up w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $15.2/t, up by $0.2/t w-o-w. A Panamax vessel was booked for the route at $15.25/t. Shipment is scheduled for 11-20 October, sources informed BigMint.
  
  
• Indonesia-India freights increase w-o-w: Freights for coal shipments from East Kalimantan to Paradip stood at $13.85/t, up by $0.5/t w-o-w. As per sources, fresh fixtures are being negotiated for this route.