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India: Coal vessel freight rates rise w-o-w despite fluctuation in demand

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Coking

BigMint Bureau

174 Reads

19 Sep 2024, 20:07 IST

India: Coal vessel freight rates rise w-o-w despite fluctuation in demand

Freight rates from Australia inch up

Thermal coal stocks at Indian ports drop

Coal freight rates increased this week amid fluctuating global demand. Higher cargo volumes for Indonesia and Australia routes supported the rise in freight rates. Meanwhile, the receding monsoon in India, coupled with low inventory levels at steel mills, has prompted buyers to plan for material bookings in the coming days. A few fixtures have already been concluded for October shipments.

Additionally, thermal coal stocks at Indian ports dropped by around 2% w-o-w, falling to 13.1 million tonnes (mnt) in week 37 of calendar year 2024 (CY'24), down from 13.37 mnt in week 36, according to data compiled by BigMint.

Route specifications:

Australia-India freight rates inch up w-o-w: Freight rates from Australia inched up this week. As per BigMint's assessment, freight rates from Port Hay Point to Paradip were recorded at $15.9/dry metric tonne (dmt), inching up by 0.4/t w-o-w. Sources informed that SAIL has booked a Panamax vessel from Gladstone to Vizag and Haldia Ports at freight $15.9/t. The shipment is scheduled on 21-30 October laycan. However, limited fresh inquiries for the route have been witnessed.

South Africa-India freight rates rise w-o-w: Freight rates from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $15/t, rising by $0.5/t w-o-w. Notably, buying remained subdued and no major transactions were heard during the week on reduced buying interest.

Indonesia-India freight rates increase w-o-w: Freight rates for coal shipments from East Kalimantan to Paradip stood at $13.35/t, up by $0.95/t w-o-w. Movement of ships in the route remained robust, as portside sentiment is favourable.