Freight rates for shipping coal from northern China's Qinhuangdao Port to the southern ports of Shanghai, Zhangjiagang and Guangzhou in the week to October 30, continued the slight downward bias seen from late September, according to figures released Wednesday by Qinhuangdao Port.
The weakness in the coastal shipping market was attributed to high coal stocks at downstream power plants and an oversupply of vessels in the coastal freight market.
The freight rate for vessels able to ship 20,000-30,000 mt of coal from Qinhuangdao Port to Zhangjiagang Port fell to an average of Yuan 31.30/mt ($5.01/mt) in the week ended Tuesday, down Yuan 0.90/mt from the previous week.
The freight rate for vessels able to ship 40,000-50,000 mt of coal from Qinhuangdao Port to Shanghai Port slipped Yuan 0.40/mt to an average of Yuan 26.20/mt.
The freight rate for vessels able to transport 50,000-60,000 mt of coal between Qinhuangdao Port and Guangzhou Port, however, edged up Yuan 0.60/mt to Yuan 36.80/mt, according to the statement.
Meanwhile, with the October 8-22 partial maintenance on the Datong-Qinhuangdao railroad completed, coal stocks at Qinhuangdao Port rose steadily to 5.88 million mt on October 30, up from 5.49 million mt on October 28 and 5.29 million mt on October 21, port figures showed.
