23 March 2011

GMS weekly report on INDIA shipbreaking industry for WEEK 11 of 2011

India started to show signs of picking up this week after a recent spell on the sidelines and there was talk once again of competing with Bangladesh on favored units in and around 8-12,000 LDT.
Indeed, on the surface, the two markets do not appear to be too far away on levels and it may not be unreasonable to suggest that the geographical position of a vessel may determine the eventual delivery destination for the time being. Bearing in mind the expectations many had for Bangladesh buyers and how they would be expected to grab most of the market vessels made available for the next few months, this is no mean feat for Indian recyders.

The usual proliferation of candidates prevails as general cargo, reefers, tweens and the like continue to be proposed to the market where there is always a buyer. Accordingly, it remained another regular week (in terms of activity) on the sales front, with a few fixtures taking place. Noteworthy was the high priced sale of the SUN SUMA, a full spare bulker that fetched an unlikely price of USD 510 per tonne.

Source: Steel Guru. 22 March 2011
http://www.steelguru.com/indian_news/GMS_weekly_report_on_India_ship_breaking_industry_for_WEEK_11/196700.html

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