India: Pacific coal freight rates fall w-o-w, Atlantic rates strengthen on fresh fixtures

• South Africa-India Panamax firms on fresh fixing
• Indonesia-India Supramax stays subdued on limited enquiries

India-bound coal freight markets took diverging paths in the week ended 15 September 2026. South Africa-India Panamax found support from fresh fixing and a firmer Atlantic backdrop, while Australia-India faced a quieter Pacific. Indonesia-India Supramax, meanwhile, remained largely subdued as fresh cargo enquiries were scarce.

The Panamax market started the week cautiously, with owners and charterers keeping a close watch on direction. Fewer Pacific fixtures contrasted with better activity on the South Africa-India side, creating a clear split across the two major supply regions.

A shipbroker said, “Bunker prices are moving up, so we could see some slight movement in freight rates.”

Route-wise update

The South Africa-India route emerged as the firmer Panamax pocket, with recent fixing and a stronger Atlantic tone. Limited prompt tonnage added to the firmness. Australia-India had a different story. Pacific activity lost some momentum, with fewer fixtures and market participants staying cautious on fresh commitments. Firmer US Gulf fronthaul demand offered some support, but was not enough to fully change the Pacific tone.

The Supramax market was quieter still. Indonesia-India saw little fresh business, with activity remaining selective across the basin.

A shipbroker said, “We haven’t heard of any major shipments on the East Kalimantan-Navlakhi route recently.” The lack of fresh cargo flow is keeping Charterers’ activity limited, while Owners remain cautious on committing to new business.

Another shipbroker said, “There hasn’t been much activity lately; we haven’t heard much in the market.”

Outlook

The near-term picture remains split rather than broadly directional. South Africa-India Panamax could stay supported if fixing continues, while Australia-India needs renewed Pacific cargo activity to regain traction. For Indonesia-India Supramax, the next meaningful wave of cargo enquiries will be key. Until then, subdued fixing is likely to keep the market quiet, with firmer bunker costs providing some support to owners’ rate expectations.