Coal vessel freight rates have declined this week amid absence of firm inquiries. Coal import inquiries have lessened due to the upcoming monsoon season and sufficient stocks at ports. However, few inquiries were seen in the market for Indonesia-India routes, but some ship-owners are cautious due to the monsoon season, a shipbroker stated.
Coal stocks across 23 Indian ports saw a minor increase as of 22 June 2024, according to BigMint data. During week 25 of calendar year 2024 (CY’24), thermal coal stocks at Indian ports stood at 16.26 million tonnes (mnt) compared to 16.05 mnt in week 24, an increased of 1.33%.
Route specifications:
- Australia-India freight rates fall w-o-w: Freight rates from Australia decreased w-o-w for India. As per BigMint’s assessment, coal freight rates from Port Hay Point to Paradip were recorded at $17.30/dry metric tonne (dmt), down by $0.29/t. As per sources, SAIL has booked a couple of Panamax vessels from Port Haypoint to Vizag Port for end-July, according to sources. Australian coking coal prices have fallen to one-month lows. Premium HCC prices fell by $16/t to $239/t FOB on 27 June, 2024 due to sufficient supplies in July, unsold June cargoes, and low tradable prices.
- South Africa-India freights fall w-o-w: Freight rates for coal shipments from the Richards Bay Coal Terminal (RBCT) to Paradip are currently at around $16.7/dmt, lower by $0.67 w-o-w. South African coal prices have also been range-bound in the last couple of weeks. End-users have subdued demand currently due to which offtake from ports has not shown any significant improvement.
- Indonesia-to-India freights inch up w-o-w: Freight rates for coal shipments from East Kalimantan to Paradip stood at $13.3/t, inching up by $0.6/t w-o-w.
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