Ø Further slide on price
The Chinese market dipped further lower this week as prices fell by USD 20/LT LDT in both South and North. As a result levels are now OVER USD 100/LT LDT lower than what the Indian sub continent markets are currently offering.
Consequently that has left the one deal for the week - that of the bulker GRAND MIDAS (5,258 LDT), concluded at USD 385/LT LDT - in some jeopardy with several recent deals also facing renegotiation.
Realistically Chinese prices are now region LISD 350/LT LDT on dry vessels with wet units some USD 15-20 higher, but most yards at the moment are unwilling to even offer, shocked by the plunge in prices that have beset the industry.
Source: Hellenic Shipping News (Sourced from GMS Weekly). 16 November 2011