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Saturday, November 16, 2013 12:50:24 AM
Bearish market sentiments and excess tonnage continued to weigh on Panamax freight rates on established coal-carrying routes from South Africa and Indonesia to India through the week, extending their downtrend Friday.
Platts assessed Panamax coal freight rates from South Africa's Richards Bay to Paradip port on India's east coast at $16.60/mt and to Mundra on the west coast at $16.10/mt, each down 20 cents from Thursday and also down 50 cents over the week.
"The (US) grain season is looming towards an end, and vessels that were previously ballasting from China to the Atlantic or US Gulf are now choosing to remain in the Pacific," a Norway-based industry analyst told Platts Friday. "This is putting a lid on rates in the Pacific," he added.
An India-based shipbroker reported having an offer from a vessel owner at $15/mt in response to a bid from a charterer at $14.75/mt for shipment of 75,000 mt plus/minus 10% of thermal coal from Richards Bay to Navlakhi Anchorage on India's west coast, for 10-24 December laycan.
Market sources however noted the bid-offer levels were "aggressive" and "not repeatable."
Platts also assessed Panamax coal freight rates from Indonesia's Banjarmasin port in South Kalimantan to Paradip at $10.10/mt Friday, down 15 cents from the previous day and also down 30 cents over the week.
From Banjarmasin to Mundra Panamax rates were assessed at $11.65/mt Friday, unchanged from Thursday but down 15 cents over the week.
Charterers' rates were seen at $11-11.50/mt on the South Kalimantan to west coast India route while Panamax vessel owners were seen quoting rates above $12/mt, another India-based shipbroker said.
As reported, demand for gearless Panamax vessels found some support from the continued uptrend in geared Supramax rates, which market participants pegged at $13-14/mt on the Indonesia to east coast India route, about $3-4/mt higher than gearless Panamax freight rates.
Market participants were seen preferring gearless Panamax vessels, with additional costs arising from use of shore-cranes averaging about $2/mt. But the limited availability of shore-cranes at Indonesian ports was proving a hindrance, sources said.
BEARISH SENTIMENTS PREVAIL
Although coal shipments from Indonesia towards China provided some support to freight rates in the region this week, market participants largely expected bearish sentiments to prevail next week.
"It was a quiet day in the freight market," a Singapore-based shipbroker said Friday. "I think owners and charterers are waiting for next week to open the blood bath," he added.
In its weekly chartering report issued late Thursday, Braemar Seascope noted that the Pacific market "has softened further, and number of vessels with prompt dates has been increasing steadily over the past seven days."
Despite "reasonable" coal volumes from Indonesia, "hire rates on this route have eased from recent levels," the report said.
"Negative trends in the paper and physical market, have kept period activity in check, and it is likely to remain at subdued levels for the time being," Braemar added.
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