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China coastal coal freight rates drop on weak demand

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Publish time: 29th July, 2015      Source: www.cnchemicals.com
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Freight rates for vessels shipping coal from north China ports to the south have been falling since June 16, due to a lack of firm buying interest from end users that anticipated further price falls.The shipping rate for vessels of 50,000-60,000 DWT from Qinhuangdao to Guangzhou port stood at 30.4 yuan/t on July 28, down 0.4 yuan/t on day and down 2.4 yuan/t from a week ago, showed data from the Shanghai Shipping Exchange.The rate for smaller vessels of 15,000-20,000 DWT from Qinhuangdao to Ningbo port in eastern China's Zhejiang province was 21.8 yuan/t on the same day, down 0.1 yuan/t on day and down 4.4 yuan/t on week.The rate for 30,000-40,000 DWT vessels to ship coal from Huanghua to Shanghai port stayed unchanged on day and fell 0.8 yuan/t on week to 22.7 yuan/t on the same day.Coal demand from downstream utilities remained weak, as most of them took a wait-and-see attitude amid fluctuating market, resulting in a rise in coal stocks at ports.Combined coal stocks at China’s key Bohai sea ports totaled 18.983 million tonnes as of July 26, up 252,000 tonnes or 1.3% on week, according to figures from port operator Qinhuangdao Port on July 27.