India: Coal vessel freight rates remain range-bound w-o-w
...
- Weak demand resulted in limited inquiries
- Drop in bunker prices weighed on freights
India's coal freight rates recorded a downfall this week amid limited inquiries and a drop in bunker prices. Sources informed that a lack of coal cargoes in the portside was witnessed. Market participants are planning to hike coal offers due to a rise in semi-finished steel and sponge prices. Additionally, thermal coal stocks at Indian ports dipped by 1.6% to 12.90 million tonnes (mnt) in week 39 from 13.11 mnt in week 38 of the calendar year 2024 (CY'24), according to BigMint's data.
Route specifications
- Australia-India freights inch down w-o-w: Freights from Australia fell marginally this week, with BigMint's assessment indicating that rates for Hay Point Port to Paradip were at $15.8/dry metric tonne (dmt), down by 0.5/t w-o-w. Absence of fresh enquiries were seen for the route, keeping freight at lower level. However, as per sources, RINL have booked a Panamax vessel from Hay Point to Gangavaram port at freight $21.35/t. The shipment is scheduled on 12-21 October.
- South Africa-India freight stable w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $15.2/t, stable w-o-w. Weak demand of South African coal has kept prices at range-bound level. In addition, sufficient stock at portside has pressurised inquiries for the route.
- Indonesia-India freights decrease w-o-w: Freights for coal shipments from East Kalimantan to Paradip stood at $13.40/t, down by $0.45/t w-o-w. Lack of inquiries for the route was witnessed.