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

• Weak demand for coal amid sufficient stock
  
  
• Adequate portside vessel supply caps inquiries
  
  

India's coal vessel freights exhibited a mixed trend this week. Weak demand for coal lowered inquiries, pressurising freights, in turn.

Also, sufficient stock available at power plants and declining sponge iron market sentiments kept coal imports under pressure. Additionally, sufficient vessels are available at the portside but not many cargoes present, resulting in sluggish sentiment, source informed.

Route specifications:

• Australia-India freights rise w-o-w: Freights from Australia rose by $0.52/tonne (t) w-o-w. Rates for Hay Point Port to Paradip stood at $15.4/t, as per BigMint's assessment. According to sources, some fixtures were seen by SAIL and RINL booking from Australia's east coast to east coast of India, for mid-December shipment keeping the freight at higher levels for the route.
  
  
• South Africa-India freight rates drop w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $13.11/t, down by $0.29/t w-o-w. BigMint observed, declining sponge prices have weighed on RB2 and RB3 prices, resulting in limited trade activities keeping the market lacklustre.
  
  
• Indonesia-India freights inch down w-o-w: Freights for coal shipments from East Kalimantan to Navlakhi stood at $11.4/t, inching down by $2.10/t w-o-w. As per sources, inquiries from a major Indian buyer have been recorded from Indonesia to Kandla Port at lower freight levels. However, the import market is dull due to availability of stocks at Indian power plants amid rise in domestic supply.