The
large number of vessels at anchorage, with more still arriving, has resulted in
fewer open end buyers ready to offer, and a subsequent softening in prices and
demand.
Many
Chittagong buyers though, are taking advantage of the softer levels and trying
to even out their high priced purchases of the past few months. As a result,
offers are forthcoming at levels equivalent to, or just a shade above India, as
buvers with preciously yard-space look to pick up a bargain or two.
Meanwhile,
couple of market deals for the week include that of the double hull Nasco
bulker HEKG SHUN XING (9,168 LDT) for a bargain USD 360/LT LDT. Additionallv,
TBS controlled bulker LA JOLLA BELLE was re-committed after failing a few weeks
ago, at 375/LT early in the week.
With
lower import taxes 101 July deliveries, there may be more deals concluded at
the new levels as owners become increasingly willing to sell amidst dire
freight rates and even though recycling prices are some USD I00/LT LDT lower in
the last month alone
Source: Steel Guru (Source - GMS Weekly). 26 June 2012
http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_25_2012/270347.html
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