- 2 Markets our
- Eid looming
- Market – lacking confidence
- Volumes & victories
STUTTERS N'MUTTERS!
With both India
and Bangladesh largely out
of the offering for the week (due to Diwali holidays and forced closure in Chittagong
That seemed to belie much of the buying for the
week as several high priced deals were concluded by brave cash buyers eager to
acquire tonnage in anticipation of post Diwali gains.
The reality though, is that with Eid looming next
week, both Pakistan and Bangladesh (currently closed anyway) will not
present any competition to Indian buyers who may have a free run on available
tonnage (especially with China
Indeed this week was typified by some very
tentative offering with many still faying to feel out the market to ascertain
exactly where levels are likely to settle. Most deals in today's market have to
be concluded on a back to back basis, in order for owners and cash buyers alike
to avoid chasing down the market.
There is simply not enough confidence in any of the
local numbers sentiment something that has led to a fair degree of hesitancy
from certain cash buyers in offering on new tonnage (especially with owners
still demanding top dollar in this noticeably weaker market).
The coming week will be crucial in assessing
exactly where the market in India is, for new vessels, it may take several
sales to peg those numbers as all in the industry look for a strong finish to
2011, in another year of volumes and victories.
For week 43 of 2011, GMS demo rankings for the week
are as below:
Country
|
Market Sentiment
|
Gen Cargo Prices
|
Tanker Prices
|
Cautious
|
USD480/ltldt
|
USD510/ltldt
|
|
Weak
|
USD470/ltldt
|
USD500/ltldt
|
|
Cautious
|
USD380/ltldt
|
USD390/ltldt
|
|
Weak
|
N/A
|
N/A
|
Source: Steel Guru (Sourced from GMS Weekly). 1 November 2011
http://download.hellenicshippingnews.com/pdf/October%2028,%202011.pdf
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