Freight charges of Coal for the Panamax vessel on the route from South Africa's Richards Bay to India weaken, on oversupply of vessels.
A source from Singapore said, there have been a few inquiries for Capesize and Supramax vessel on the Richards Bay to India route, but demand for vessel of Panamax was almost absent, adding that Capesize freight rates had fallen significantly in recent days.
“The freight charge from Richards Bay to India for Capesize vessel is coming at about $9-9.50/MT”. He added. The difference between Capesize and Panamax freight charges is about $3-4/MT and also the Panamax freight charges from Richards Bay to east coast of India is between $12-$12.50/MT, he estimated.
On the other hand a source from Hong Kong Said, “Although there was market talk that buyers were currently trying to take advantage of the lower freight rates, we don't see any cheap freight rates.”
The difference between Capesize and Panamax freight charges is at about $4-$5/MT, he further added.
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