India: Coal vessel freights exhibit downtrend w-o-w

• Baltic indices decline w-o-w, indicating subdued demand
  
  
• Falling bunker prices, high tonnage supply pressure rates
  
  

India's coal vessel freights decreased this week amid bearish sentiments among market participants, coupled with a continued decline in bunker prices. Elevated tonnage supply in the Pacific, against a relatively stable cargo list, further weighed on the market.

Notably, thermal coal stocks at Indian ports increased by 4.3% to 12.36 million tonnes (mnt) in week 47 from 11.85 mnt in week 46 of calendar year 2024 (CY'24), according to BigMint's data.

Baltic indices fall w-o-w: The Baltic indices, which indicate trends in vessel demand, fell w-o-w, suggesting weak interest in ship booking. The Baltic Dry Index (BDI) was recorded at 1,537 points on 25 November, down by 248 points w-o-w. Meanwhile, the Baltic Panamax Index (BPI) was recorded at 1,083 points on 25 November against 1,212 points on 18 November. The Baltic Supramax Index (BSI) was assessed at 984 points on 25 November, inching down by 35 points w-o-w.

Route specifications

• Australia-India records drop w-o-w: Freights from Australia dipped by 0.8/tonne (t) w-o-w, with BigMint's assessment indicating that rates for Hay Point Port to Paradip were at $14.6/dry metric tonne (dmt). Sources informed that SAIL has booked a Panamax vessel from Hay Point Port to Vizag Port at $16/t, with shipment scheduled for 15-24 December.
  
  
• South Africa-India registers marginal fall w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $12.75/t, a dip of $0.35/t w-o-w. BigMint observed that the lack of fresh fixtures put pressure on rates.
  
  
• Indonesia-India rates decrease: Freights for coal shipments from East Kalimantan to Paradip stood at $11.32/t, inching down by $0.08/t w-o-w. As per sources, weak portside demand, due to sufficient stock availability, limited inquiries for this route.