India: Coal freight rates rise w-o-w in recent fixtures

• India’s rising coal demand tightens vessel supply
• Baltic Panamax Index climbs up 190 points w-o-w

Coal freights in India increased w-o-w in recent fixtures, as there was a tight supply of available vessels due to rising coal demand from Indian buyers. Additionally, key coal-exporting regions such as Australia, Indonesia, and South Africa also faced logistical challenges and production delays, pushing rates higher. Amid reduced vessel availability, competition among charterers also increased. Meanwhile, port congestion and adverse weather conditions disrupted shipping schedules, limiting the supply of Panamax vessels.

Notably, thermal coal inventories at Indian ports increased slightly by 3.6% to 13.04 million tonnes (mnt) in week 8 of CY’25 from 12.58 mnt in week 7, as per BigMint’s data.

Baltic indices increase w-o-w: The Baltic indices, which indicate trends in vessel demand, increased w-o-w, suggesting a rise in demand among ship-bookers. The Baltic Dry Index (BDI) was recorded at 981 points on 24 February, up by 189 points w-o-w. Meanwhile, the Baltic Panamax Index (BPI) rose by 190 points to 1,170 points on 24 February against 980 points on 17 February. Additionally, the Baltic Supramax Index (BSI) was assessed at 886 points on 24 February, climbing up by 121 points w-o-w.

Route specifications

• Australia-India rates increase: Freights from Australia to India climbed up by $1/tonne (t) w-o-w, with BigMint’s assessment indicating that rates for Hay Point Port to Paradip were at $14.5/dry metric tonne (dmt). Sources informed that SAIL booked one Panamax vessel from Australia to Vizag at $15.80/t, with shipment scheduled for 25 March-3 April.
• South Africa-India freights jump: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $12.9/t, up by $1.4/t w-o-w. However, no fresh fixtures were heard in this route.
• Indonesia-India freights rise: Freights for coal shipments from East Kalimantan to Paradip stood at $13.7/t, increasing by $2.2/t w-o-w. As per sources, one Supramax vessel was booked from Indonesia to India, with shipment scheduled for 11-20 March.