India: Coal vessel freights exhibit positive trends, Australia bucks trend

• Thermal coal inventories drop 7% w-o-w
• Baltic Panamax Index falls 68 points w-o-w

Coal freights in India showed mixed trends w-o-w due to a combination of supply and demand dynamics, regional tonnage availability, and external cost factors. While limited vessel availability in key loading regions exerted upward pressure on freight rates, other factors like softened bunker prices and relatively stable freight derivative rates kept the market away from a sustained rise. Additionally, fluctuating coal demand from Indian buyers, influenced by seasonal variations contributed to the volatility in freight rates, leading to a mixed trend across different routes and vessel classes.

Notably, thermal coal inventories at Indian ports dropped by 6.5% (w-o-w) to 12.08 million tonnes (mnt) in week 10 of CY’25, down from 12.92 mnt in the previous week of calendar year 2025, as per BigMint’s data.

Baltic indices exhibit varied trends: The Baltic indices, which indicate trends in vessel demand, showed mixed trends w-o-w, suggesting volatility in demand among ship-bookers. The Baltic Dry Index (BDI) was recorded at 1,400 points on 10 March, up by 171 points w-o-w. However, the Baltic Panamax Index (BPI) fell by 68 points to 995 points on 10 March against 1,063 points on 3 March. Additionally, the Baltic Supramax Index (BSI) was assessed at 864 points on 10 March, down by 31 points w-o-w.

Route specifications

• Australia-India rates decrease: Freights from Australia to India fell by $0.4/tonne (t) w-o-w, with BigMint’s assessment indicating that rates for Hay Point Port to Paradip were at $13.5/dry metric tonne (dmt). Sources informed that two Panamax vessels were booked from Australia to ECI at $15.45-15.95/t, with shipment scheduled for 28 March-14 April.
• South Africa-India freights inch up: Freights from the Richards Bay Coal Terminal (RBCT) to Paradip stood at $12.4/t, marginally up by $0.1/t w-o-w. As per sources, one Panamax vessel was booked from South Africa to India, with shipment scheduled for 25 April- 10 May.
• Indonesia-India freights rise: Freights for coal shipments from East Kalimantan to Paradip stood at $13.2/t, increasing by $0.7/t w-o-w. The surge is attributed to stronger demand for Indonesian coal, influenced by seasonal fluctuations and a potential shortage of vessels available for prompt loading. Additionally, some freight agreements are still under negotiation.