Capesize freight rates between South Africa and India down $6/t on week

The rally in freight rates for capesize vessels plying between South Africa’s RBCT and India’s Gangavaram port has come to a halt this week, reversing down to $18/t against $24/t last week. The is majorly due to reduced Indian demand for South African thermal coal amid steep prices and the impact of COVID’s second wave on domestic demand. CoalMint’s vessel line-up reveals only four capesize vessels carrying 0.66 mn t of South African coal arriving at Indian ports between 18 and 31 May’21.