Dry bulk coal freight rates to India steady amid balanced fundamentals, slow fixtures

• Stable Pacific fundamentals support sentiment despite sluggish activity
• Weak cargo flow and slow fixture conversion cap momentum

Coal freight rates to India showed a mixed trend in the week ended 14 April, with stable Pacific fundamentals contrasting with weaker cargo flow across key routes. Market activity remained cautious, with enquiries present but conversion into fixtures limited, restricting overall fixing momentum.

A shipbroker said, “Market is not good. Cargo is not getting fixed that fast,” reflecting slow fixture conversions.

Another noted, “Market is still at a higher level,” while adding that enquiries are present but not firming up as before.

In the Pacific, activity remained sluggish, but sentiment stayed positive, supported by steady volumes. Meanwhile, the Indonesia-India route continued to face pressure from weak cargo flow and ample vessel availability, keeping fixtures limited.

The Atlantic basin remained relatively quiet but maintained a positive undertone. Improved enquiry and tighter vessel availability offered some support, although fixtures remained muted. Panamax fundamentals appeared largely balanced, with cargo and tonnage lists broadly matching, while Supramax sentiment stayed firm despite a slow start due to holidays and a continued standoff between owners and charterers.

Freight derivatives remained broadly stable, with bunker prices offering limited directional cues.

Outlook

We expect prices to remain muted in the near term, with stable fundamentals and positive undertones in both basins providing support, while weak cargo flow and cautious fixing activity continue to weigh on overall sentiment.