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India: Coal vessel freights exhibit divergent trends w-o-w

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Non Coking

BigMint Bureau

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14 Nov 2024, 18:59 IST

India: Coal vessel freights exhibit divergent trends w-o-w

Limited buying interest weighs on inquiries

Baltic index drops for smaller vessels

India's coal vessel freights showed a divergent trend this week. Lack of fixtures due to weak demand and availability of vessels kept freights under pressure.

In addition, thermal or non-coking coal stocks at Indian ports saw a slight 3.5% decline in week 45 to 11.99 million tonnes (mnt) from 12.43 mnt in week 44, according to BigMint's data.

Route specifications:

Australia-India freights remain unchanged w-o-w: Freights from Australia remained unchanged w-o-w. Rates for Hay Point Port to Paradip stood at $14.88/dry metric tonne (dmt), as per BigMint's assessment. According to sources, few fixtures were seen by SAIL, RINL and TATA booking cargoes from east coast Australia to east coast of India, supporting freight for the route.

South Africa-India freight rates inch down w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $13.4/t, down by $0.96/t w-o-w. BigMint observed, amidst volatility in sponge prices, buyers adopted a wait-and-watch approach, questioning price sustainability.
Last week it was heard that South Africa had shut its Lebombo border crossing with neighbouring Mozambique due to escalating violent protests on the Mozambican side over the national election results announced in early October. The Lebombo crossing is a key trucking route for coal from South Africa to the port of Maputo in Mozambique. Maputo port authorities warned stakeholders that a fresh round of protests expected from Wednesday could again disrupt coal shipments. However, the market is yet to see any reflection in freights.

Indonesia-India freight rates stable w-o-w: Freights for coal shipments from East Kalimantan to Navlakhi stood at $13.5/t, stable w-o-w. As per sources, inquiries from Indian buyer for low CV have been recorded keeping freight at similar levels. It is expected that inquiries will be fixed in the near future for December shipment.