Holding Out For A Hero:
There were comparatively more signs of life in the Indian market this week (compared to the competing nations) as the rupee made some (marginal) gains against the US Dollar and several deals were concluded, albeit at the softer, more realistic numbers.
That is not to say that a total confidence has returned to the market, as there still appeared to be an overall reticence to offer, coupled with the now customary (and increasingly extreme) local fluctuations.
One or two vessels were concluded, seemingly set for India as the final destination (these days - unless it is a tanker basis gas free for man entry only, which ends up in Pakistan option due to the similarities in price).
The West German container KOTA ABADI (7,617 LDT) was sold to one buyer 'as is'
for a seemingly unrealistic price of USD 470/LT LDT. We do believe the excess
1000 tons of fuel onboard (present when inspected) may have something to do with
the overstretched price. Singapore
Additionally, pegging a new low for bulkers was the RED SEA SPIRIT (4978), which was sold for USD 463/LT LDT with significant removals. Finally, sale of a TBN RoRo was reported basis a price approaching well in excess of USD 515/LT LDT.
With other markets now closed for another week and
China levels far below the sub continent it
surely is only a matter of time before we see meaningful improvements from . India
Source: (Sourced from GMS Weekly). 9 November 2011