China’s coastal coal shipping market has been on the upward trajectory over the past half a month, though the overall market situation hasn’t changed materially.

Data from Shanghai Shipping Exchange showed that the freight rate for vessels of 50,000-60,000 DWT from Qinhuangdao to Guangzhou port rose 0.4 yuan/t on day to 36.0 yuan/t on February 27. That was a 1.8 yuan/t increase from the previous week, and 3.8 yuan/t higher than the recent low of 32.2 yuan/t half a month ago.

On the same day, the freight rate for 15,000-20,000 DWT vessels from Qinhuangdao to Ningbo and 40,000-50,000 DWT vessels from Qinhuangdao to Shanghai port hit 35.3 yuan/t and 28.9 yuan/t, up 2.9 yuan/t and 3.0 yuan/t week on week and rising 8.8 yuan/t and 6.6 yuan/t from the recent low registered on February 7.

Coal shipping rates have been increasing only slowly, as demand from power utilities is just recovering at a less-than-expected pace, shipping sources said.

Data showed that on February 27 there were 58 vessels waiting for loading at Qinhuangdao port, up 11 week on week and 16 more than the average daily level in January.