The Panamax market in Asia Pacific started the week with low activity levels being reported ahead of forthcoming Ramadan holidays in Indonesia, shipping sources said Monday.

“The owners are trying to be bullish but a fair amount of tonnage is opening [in Southeast Asia]. Any spot ship will be in trouble [due to the lack of cargoes],” a source with a ship-operator said. “This has to be the bottom of the market. Below that, it does not make any sense to [offer a ship],” the source said.

Meanwhile, there were reports of a few Panamax ships, originally fixed for discharging at west coast India ports, being diverted to the east coast. “Some of our ships have been diverted to the east coast Indian ports. We are now giving the east coast India freight rates to the charterers,” a second source with a ship-operator said, adding this move could be because of the monsoon season affecting the west coast as well as demand for coal on the east coast perking up.

Among fresh fixtures reported, Libra Shipping had fixed a Panamax vessel for an East Kalimantan to Dahej voyage, loading July 28 to August 9, at $8.50/mt basis 70,000 mt plus/minus 10%. The Panamax freight rate from Banjarmasin in Indonesia’s South Kalimantan province to Mundra on India’s west coast was assessed at $8.75mt, down 25 cents/mt from Friday.

The rate from Banjarmasin to Paradip port on India’s east coast was assessed at $7.75/mt, also down 25 cents/mt. The rates from Richards Bay to Mundra and Paradip were assessed unchanged at $14.75/mt and $14/mt, respectively.

The key Hay Point to Paradip metallurgical coal route was assessed at $14.65/mt, up 15 cents/mt. The Hay Point to Qingdao route was assessed unchanged at $12.50/mt.