- Rise in enquiries push freight rates higher
- Port Hay Point under maintenance
Coal freight rates improved this week on rising enquiries. Market participants are actively floating fresh enquiries in the global market resulting in increasing freight rates. Movement of ships and fixed fixtures have been recorded this week despite sufficient material availability in domestic market.
Route-wise details:
- South Africa-to-India freights inch up w-o-w: Freight rates for coal shipments from the Richards Bay Coal Terminal to Krishnapatnam, India, are currently at around $21.5/tonne (t), a slight increase of $1/t w-o-w. A shipowner stated, enquiries for this route have not fixed yet, some regular enquiries are on the floor, as the overall market is improving.
- Indonesia-to-India freights rise slightly w-o-w: Freight rates for coal shipments from East Kalimantan to Paradip stood at $12.5/t, up $0.3/t w-o-w. Sources said that some enquiries have been recorded for the Indonesia-India route. However, charterers are keeping the freight rates at lower levels. A shipowner has informed booking of a panamax vessel from Muara Berau, Indonesia, to Vizag, India for shipment on 1-7 April at $12/t and another panamax vessel from Port Taboneo, Indonesia, to Port Tuticorin, India at $11/t.
- Australia-to-India freight rates up w-o-w: Freight rates from Australian ports rose w-o-w for Indian as well as for Chinese ports. As per sources, Hay Point Port Berth 1 is under maintenance shutdown from 10 March-14 April. Vessels at port are waiting for improved weather. Notably, Hay Point contributes 12% of Australia’s total exports, which amounted to 27.48 mnt in February.
SAIL booked a Panamax vessel for 75,000 t of metallurgical coal from Hay Point Port, Australia to Vizag and Haldia at a rate of around $22.40/t. The shipment is scheduled for 8-17 April, sources informed.