- Drop in bunker prices weighs on freights
- Baltic Panamax index falls
India’s coal freights fell this week amid weak market activity, a lack of fresh cargoes, and reduced trading participation due to global holidays. Additionally, falling bunker fuel prices have lowered operating costs, exerting downward pressure on freight rates.
The overall sluggish sentiment in the Panamax market, coupled with limited demand and an oversupply of tonnage, has further contributed to the rate decline. The Baltic Panamax Index (BPI) edged down by 107 points to 1,063 on 3 March against 1,170 on 24 February.
Route specifications
- Australia-India rates drop w-o-w: Freights from Australia dropped $0.6/tonne (t) w-o-w, with BigMint’s assessment indicating that rates for Hay Point Port to Paradip were at $13.9/dry metric tonne (dmt).
- South Africa-India freights decline w-o-w: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $12.3/t, down by $0.6/t w-o-w.
- Indonesia-India freights stable w-o-w: Freights for coal shipments from East Kalimantan to Paradip stood at $12.5/t, lower by $1.2/t w-o-w.
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