Gladstone-South Korea Panamax freight rises further in latest KEPCO tender

• Gladstone-Boryeong freight rises 8% amid tight prompt tonnage
• Abbot Point-Boryeong fixture provides fresh Australia-Korea reference

South Korea’s Korea Electric Power Corporation (KEPCO) has concluded two fresh Panamax coal tenders, with Australia-Korea freight strengthening further in the latest Gladstone fixture.

Pan Ocean was fixed to transport 80,000 tonnes (t) of coal from Gladstone, Australia, to Boryeong, South Korea, for a 29 August-7 September loading window at $17.74/t FIO. The fixture is $1.30/t, or 7.9%, higher than KEPCO’s previous Gladstone-Korea fixture at $16.44/t FIO, concluded earlier this month.

The higher fixture indicates firmer freight sentiment on the Gladstone-Korea trade, with charterers paying more for September-loading tonnage. The latest rate also suggests that owners are maintaining firmer offers amid tighter prompt availability and continued Pacific coal chartering activity.

Separately, Korea Line was fixed for 80,000 t from Abbot Point, Australia, to Boryeong, for a 1-10 September loading window at $16.82/t FIO. As a new route reference, the fixture indicates competitive freight levels for September-loading Australian coal, although further fixtures will be required to establish a clear trend.

Outlook

Australia-Korea Panamax freights are likely to remain firm in the coming weeks if fresh coal enquiries continue and September tonnage remains tight. The latest Gladstone fixture provides a stronger benchmark, while the Abbot Point-Boryeong rate will offer a reference for subsequent Australia-Korea tenders.