19 October 2011

GMS weekly report on CHINESE shipbreaking industry for WEEK 41 of 2011:

Several market sales for the week helped to calm some of the nerves that had entered the Chinese market of late and importantly began to peg some sort of reality on prices following weeks of inactivity.

The Chinese owned XING SHENG DA (7,708 LDT) went direct to South China buyers at USD 440/LT LDT whilst the Taiwanese owned FORSHANG 1 (5,215 LDT) set the tone for bulkers at USD 430/LT LDT (with tankers from USD 10-15 ahead).

Both the above vessels went to yards in the South of China, with yards in the North overall far more reluctant to offer at all.

Source: Steel Guru (Sourced from GMS Weekly). 19 October 2011

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