GMS weekly report on INDIAN shipbreaking industry for WEEK 43 of 2011:

• Testing time persists
• Prices defy logic
• Post-Diwali pickup?

Woes & Worries:

Diwali holidays may have come as a welcome relief for Indian b woes and worries on the shorefront continued. The fleet of big continues to arrive from all corners of the globe and if already s could face heavy renegotiations, and if not sold, then is expected to face heavy losses.

A fair amount of speculation continued amongst certain cash buyer that pushed reason, ended with the fixtures of several good looking. In perhaps the most speculative purchase of the week, the US tanker SEABROK SPIRIT (15,661 LDT) was sold as is Singapore ft with extra payment for bunkers - an estimated quantity of 400 T IFC board.

Two larger bulkers, the MV GOOD LIGHT (10,862 LDT) and the MV NORWICH (11,502 LDT) fetched prices that also appeared detached from relying that cash buyers are relying (and hoping) on a post-Diwali pick up in price.

There is speculation in certain quarters that with Bangladesh celebrating Eid and China some LJSD 100/LT LDT off the pace, an adjustment may be in order. Cash buyers and owners alike will be that is not the case.

Market Sales Reported –

Vessel Name	Type	LDT	Reported Price
GOOD LIGHT	Bulker	10862	USD 490/LT LDT
NORWICH	Bulker	11502	USD508/LT LDT
SEBAROK SPIRIT	Tanker	15, 661	USD 481/LT LDT

Source: Steel Guru (Sourced from GMS Weekly). 1 November 2011

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_43/233273.html

http://download.hellenicshippingnews.com/pdf/October%2028,%202011.pdf