http://www.hellenicshippingnews.com/indian-demand-for-south-african-coal-rises-sources

Indian buyers have increasingly been seeking higher-CV thermal coal from South Africa recently as US material has become more expensive and Chinese buying has mopped up any available volumes from Indonesia, traders said. (…) The source added that US-origin North Appalachian coal (NAPP) coal had been priced out of the market after strong bids from India in recent months which meant it had priced out of the market. NAPP coal had been heard offered around $80-$83/mt FOB US East Coast, with dry bulk freight rates for a Panamax vessel heard at $30.20/mt on the US East Coast-East Coast India route. This gives a theoretical net forward price of $110/mt delivered basis, while South African coal has a roughly equivalent net forward of $113/mt when adjusted for heating values. The advantage of shorter sailing times and Capesize freight rather than Panamax effectively allows Indian buyers to import South African coal at a cheaper rate than US NAPP coal. (…)