Despite expectations of a potential
market improvement over the course of the week and the conclusion of some high
profile tonnage at seemingly ceiling prices, the overall tendency for any local
market movement remained negative or receding.
The rupee has still made no significant
gains on the dollar and many of the high priced vessels that continue to arrive
locally are increasingly facing issues with a number now waiting at anchorage, amidst
a flurry of end buyer cash buyer renegotiations.
With a raft of Aframax tankers
concluded recently at top notch numbers (including the Chandris owned Ukrainian
built LOUKA, 15,991 LDT at USD 549/LT LDT), there could be testing times ahead
for some market players, especially with end buyers now over-scrutinizing
vessel details plans for potential discounts, given the weakened state of the
market.
While another Laskarides tanker, the
CHINA SPIRIT (6,344 LDT) was concluded this week at an extremely firm USD 580/LT
LDT (thanks to West German country of build (usually a premium of about L'SD 10-15/LT
LDT), another Laskarides tanker CARIBIC (6,201 LDT - built in Yugoslavia) has
yet to beach in West Coast India, despite arriving almost one month ago. News
on the ground is that the relevant cash buyer is supposedly facing a resale
price of only USD 540/LT LDT despite having purchased at USD 590 per tonne at
the peak of the market.
As such, we caution ship-owners and
brokers alike; to be wary of the unusually high numbers, which could in fact
present its fair share of headaches upon arrival
Source: Steel Guru (Sourced from GMS
Weekly). 19 October 2011
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