India-bound coal freight firms as Panamax supply tightens, Supramax turns selective

• Tighter prompt tonnage supports Panamax sentiment
• South Kalimantan draws stronger enquiry; East Kalimantan stays quiet

India-bound coal freight markets maintained a firm tone in the week ended 11 September 2026, with Panamax sentiment benefiting from steady coal enquiry and tighter prompt tonnage. South Africa-India led the Atlantic segment, while Australia-India retained a positive footing on fresh fixing interest.

In the Supramax segment, activity was more selective. South Kalimantan saw stronger buying interest, while East Kalimantan remained quieter. Elevated bunker costs and firm Indian coal requirements continued to influence voyage economics.

Panamax sentiment holds on steady India-bound demand

The Panamax market stayed supported, with India-bound enquiry and tighter prompt availability keeping owners firm on offers.

A shipbroker told BigMint, “There are still Panamax enquiries in the market, although activity is not particularly strong. We are seeing more enquiry for Supramax vessels, while Handysize demand remains relatively limited.”

South Africa-India benefited from improving enquiry and tighter prompt tonnage, with firm Asian buying interest for South African coal adding to the positive sentiment. Australia-India also held firm on steady coal demand and fresh India-bound fixing.

Supramax activity varies across Kalimantan

Indonesia-India Supramax activity remained uneven. East Kalimantan saw limited fresh enquiry, keeping the market largely steady, while stronger enquiry from South Kalimantan encouraged owners to hold firmer ideas.

A shipbroker said, “The market is looking firm at the moment. We heard one Ekali/India cargo covered in the mid-$19s, with Supramax levels around $19.5-$20/t. Panamax is more or less steady, while Supramax also appears firm and Handysize remains flat.”

Another shipbroker said, “The market is looking bullish, and fixtures are becoming increasingly difficult to secure. The Indonesia-India trade route is getting busy, with more activity recently, although there has been limited fixing in the market.”

Market highlights

• Baltic Dry Index (BDI) remains largely stable w-o-w: The BDI edged up 0.9% (33 points) w-o-w to 3,521 as of 9 September, from 3,488 a week earlier. The index marked its first decline after two consecutive sessions of gains on 9 September, signalling some moderation in recent momentum. Panamax slipped 2.0% (48 points) to 2,409, while Supramax rose 2.7% (45 points) to 1,713, pointing to relatively stronger resilience in the Supramax segment.
• Bunker prices rise w-o-w: Singapore VLSFO bunker prices rose by $60/tonne (t) (7.1%) w-o-w to $903/t on 11 September, from $843/t. The move followed the sharp rebound in crude prices, while disruptions around the Strait of Hormuz and tighter fuel-oil availability continued to pressure voyage economics.
• Brent crude futures surge w-o-w: Brent crude futures rose by $8.70/barrel (bbl) (9.1%) w-o-w to $103.85/bbl on 11 September, from $95.15/bbl. Escalating Middle East tensions, attacks affecting shipping and disruption risks around the Strait of Hormuz continued to drive the rally. The wider disruption is also lifting marine fuel and shipping costs, adding pressure to coal voyage economics.
• DCE coke futures decline w-o-w: January 2027 DCE coke futures fell 5.1% (RMB 110/t) w-o-w to RMB 2,062.50/t ($307.54/t) as of 11 September, from RMB 2,173/t ($323.52/t) a week earlier. The move reversed the previous week’s gain and points to softer sentiment in the coke futures market.

Outlook

BigMint expects Panamax sentiment to remain supported, with India-bound enquiry, prompt tonnage availability and elevated bunker costs likely to keep owners cautious on offers. South Africa-India could retain its firmer footing if enquiry remains active, while Australia-India is likely to remain supported by steady coal demand.

Supramax is expected to stay firm but selective. Higher-level enquiry from South Kalimantan could provide further support, while subdued East Kalimantan activity may keep individual routes rangebound. Fresh Indonesia-India cargo nominations and vessel positioning will remain key factors to watch in the coming week.