India: Pacific dry bulk coal freight rates exhibit mixed trends, Atlantic stays firm w-o-w

• Pacific supported by active Australian fixtures and tight tonnage
• Atlantic steady with balanced supply, though activity remains limited

Dry bulk coal freight to India showed a mixed to firm trend in the week ended 1 May, with Panamax routes finding support across basins, while Supramax softened amid slower cargo momentum in Asia. Market sentiment remained cautiously balanced, with selective fixing and uneven enquiry limiting momentum.

A shipbroker source said, “Charterers are holding on cargoes as they expect softness in the market and freight in the coming days due to holidays.”

“Volatility in ocean freight persists amid ongoing geopolitical tensions, keeping buyers on the sidelines”, another broker added.

In the Pacific, Panamax sentiment held firm, supported by tighter prompt tonnage and active Australian fixtures, though limited fresh enquiry capped further upside. In contrast, Supramax weakened, weighed by ample vessel availability and lack of fresh cargo activity, with subdued trading across Asian markets.

In the Atlantic, Panamax routes saw modest support from balanced tonnage and improved cargo visibility, though limited fixtures kept activity contained. Overall sentiment remained steady but lacked strong direction.

Segment-wise, Panamax showed signs of recovery, while Supramax eased amid weaker Pacific cargo flow, reflecting uneven momentum across regions and vessel classes.

Route-wise updates

Market highlights

• Bunker prices firm w-o-w: Bunker prices rose by $16/t week-on-week to $779/t as of 1 May, up from $763/t a week earlier, tracking firm crude trends and steady demand across key bunkering hubs.
• Brent crude futures rally w-o-w: Brent crude oil (July 2026 contract) was last assessed at $111.08/bbl on 1 May, up by $6.55/bbl from $104.55/bbl a week earlier, supported by continued strength in broader market sentiment.
• Baltic index gains w-o-w: The Baltic Index inched up by 13 points w-o-w to 2,686 as of 30 April, supported by marginal gains in the Supramax segment, up 3 points to 1,525, while the Panamax index rose by 27 points to 1,992, indicating mild improvement across vessel classes.
• DCE coke futures edge higher w-o-w: Coke futures on the Dalian Commodity Exchange gained RMB 8/t ($1.17/t) week-on-week to RMB 1,841/t ($269.62/t) as of 01 May, indicating a modest uptick amid steady market sentiment.

Outlook

Coal freight to India is expected to remain range-bound in the near term, with Panamax likely to stay supported by improved cargo visibility and relatively balanced tonnage across basins. However, ample vessel supply and uneven cargo flow in the Supramax segment may continue to weigh on overall sentiment. Rising bunker prices and firm crude trends could provide cost-side support, while limited fresh enquiry across regions is expected to keep fixing activity selective.