Dry bulk coal freight to India mixed as balanced Pacific meets tight Indonesian supply

• Steady cargo flow in Pacific offsets limited enquiry
• Ample tonnage and cautious demand cap Atlantic momentum

Coal freight to India showed mixed movement in the week ended 21 April, with a balanced Pacific basin contrasting with softer Atlantic sentiment, while tightening Indonesian supply supported Supramax activity. Market activity remained measured, with enquiry present but conversion into fixtures uneven across routes, limiting overall momentum.

A shipbroker said, “The market has started to stabilize, but freights haven’t softened much. It depends on the war,” highlighting the continued impact of geopolitical uncertainty on sentiment.

Another shipbroker noted, “Cape remains firm, Panamax more or less flat, while Supramax sentiment is steady, with Handy showing slight improvement,” indicating a largely stable broader dry bulk market.

In the Pacific, activity remained balanced, with steady cargo flow offsetting thin enquiry, keeping sentiment stable despite limited fresh movement.

Meanwhile, the Indonesia-India Supramax segment saw improved activity, with tight Indonesian supply and elevated costs curtailing cargo flow, as fixtures were reported at higher levels. An Indonesian coal trader said, “Quite a lot of fixtures happened this week for Indo-India Supramax parcels,” reflecting active fixing despite constrained availability.

In the Atlantic, sentiment remained softer, with cautious buying and ample tonnage weighing on activity, while limited enquiry continued to impact fixture visibility.

On the macro front, oil volatility resurfaced, with Brent crude rebounding amid Strait of Hormuz uncertainty, adding complexity to bunker sentiment.

Outlook

Freight levels are likely to remain muted in the near term, with balanced Pacific fundamentals and steady Supramax activity offering support, while ample tonnage, measured demand and ongoing geopolitical uncertainty continue to cap upside momentum.