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

• Thermal coal inventories rise by 7% w-o-w
• Demand from Indian utilities remains firm

Coal freights in India exhibited mixed sentiment this week, driven by contrasting regional dynamics.

Tonnage availability in the Atlantic remained relatively tight, lending support to a firmer market tone and exerting upward pressure on freights. These factors increased freight costs for Indian coal imports originating from the Atlantic basin, particularly on long-haul routes.

However, the market faced limited fresh fixtures and growing pressure from oversupply, though routes to India experienced steady demand, especially for metallurgical coal. There was a modest increase in Indonesian freights to Indian ports, reflecting ongoing procurement from Indian utilities ahead of peak power demand in the summer, combined with reduced vessel availability.

Notably, thermal coal inventories at Indian ports rose 7.4% to 13.29 million tonnes (mnt) in week 17 of CY’25 from 12.37 mnt in the previous week, as per BigMint data.

Baltic indices rise w-o-w: The Baltic indices, which indicate trends in vessel demand, rose w-o-w, suggesting an increase in chartering activity among ship bookers. The Baltic Dry Index (BDI) was recorded at 1,373 points on 28 April, increasing by 112 points w-o-w. Meanwhile, the Baltic Panamax Index (BPI) rose 119 points to 1,392 points on 28 April against 1,273 points on 21 April. Additionally, the Baltic Supramax Index (BSI) was assessed at 977 points on 28 April, climbing by 27 points w-o-w.

Route specifications

• Australia-India remains stable w-o-w: Freights from Australia to India remained unchanged w-o-w, with BigMint’s assessment indicating that rates for Hay Point Port to Paradip were at $14.6/dry metric tonne (dmt). However, fixtures remained muted on this route.
• South Africa-India falls w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $12.8/tonne (t), falling by $0.4/t w-o-w. As per sources, weaker Atlantic market sentiment and increased vessel availability on the route weighed on freights.
• Indonesia-India increases w-o-w: Freights for coal shipments from East Kalimantan to Paradip stood at $14.1/t, increasing by $0.3/t w-o-w. According to sources, one Supramax vessel was booked from Indonesia to India at around $14/t.