India: Dry bulk coal freight firms on tight tonnage, limited fresh orders

• Panamax rates firm as Pacific activity stays selective
• Supramax gains support despite limited fresh coal bookings

India-bound coal freight markets moved on a firmer note in the week ended 29 September 2026. While freight levels found support, physical activity remained selective, with fresh orders limited and market participants looking for clearer direction for the coming week.

“Fresh orders remained limited on the day, with most market participants seeking clearer indications of market direction for the following week,” a shipbroker said.

Route-wise update

The Panamax market remained active across key India-bound trades, although fixing activity slowed towards the end of the week. Most prompt requirements had already been covered, keeping Charterers cautious on fresh business.

“Panamax freight rates were mostly higher as the Pacific basin saw a slow end to the trading week, with most prompt requirements covered ahead of various Asian holidays,” a market source told BigMint.

Pacific activity remained subdued towards the end of the week, with limited fresh requirements coming into the market.

“Shipowners with open tonnage continued to maintain their ideas as vessel supply remained relatively tight in the Pacific region, while Charterers also adopted a wait-and-watch approach,” a shipbroker said.

In the Supramax segment, Indian coastal activity remained muted, with limited fresh iron ore enquiries from the east coast. Trading on the Indonesia-India coal corridor was also subdued, keeping fixing levels selective.

Bunker prices eased during the week, while ample vessel availability continued to weigh on Capesize activity.

“Cargo availability remains critical for freight sentiment, particularly for iron ore and coal routes,” a trader said.

Outlook

The market is likely to retain a firm undertone in the near term, with vessel availability and fresh India-bound cargo enquiries remaining key drivers. Charterer activity is expected to stay selective as market participants seek clearer direction on upcoming requirements. A pickup in fresh coal bookings could provide further support to freight sentiment, while limited fixing may keep the market range-bound despite firm owner expectations.