Supramax bulker freight rates are getting higher in recent days as more coal and nickel ore are being moved from Southeast Asia to China and India.
The Baltic Exchange Supramax-Asia index on 24 June recorded the South China via Indonesia-East Coast India rate at USD7,038/day, up USD7 from 23 June and up from USD6,682/day on 17 June.
The South China via Indonesia-South China rate was unchanged from 23 June at USD5,241/day, but higher than USD4,954/day on 17 June.
A Singapore-based chartering manager told IHS Maritime, “Paper trades for all bulker sizes are moving up, so that has had a positive effect on sentiment. For Supramaxes, nickel ore movements are taking up tonnage. Tonnage is also tight for grain exports from the US Gulf.”
Reported fixtures show undisclosed charterers fixing Tolani Shipping’s Prabhu Mihikaa and Petrofin Ship Management’s Olympias for USD8,500/day and USD8,000/day, respectively, to move Indonesian coal to India. An undisclosed charterer also fixed Jadroplov International Maritime’s Peristil for USD7,200/day to ship nickel ore from the Philippines to China.
Braemar ACM observed that the market in Southeast Asia has firmed up significantly, with freight rates to ship Indonesian coal to China, India, and Thailand rising by USD1,000 over the past two weeks.
A Singapore-based Supramax broker commented to IHS Maritime that the Indonesia-India movements are firm and that they expect either Indonesia-India coal shipments or nickel ore to move from the Philippines to China.