24 January 2012

GMS weekly report on CHINESE shipbreaking industry for WEEK 03 of 2012:

Some frantic last minute deals ignited a market that many felt would be slowing down only a week before the Chinese New Year.

Several good looking bulkers were concluded at prices of USD 440 per LT LDT and up in the clearest sign yet that China is ready to close the gap with the markets in the Indian sub continent this year.

THREE Korean owned bulkers set the pace with the Italian built 1992 capesize unit DONG-A-HERMES fetching an extraordinary USD 447.5 per LT LDT. The full spares Sinokor controlled FORTUNE CARRIER was able to achieve USD 439 per LT LDT whilst the handymax bulker MEGA ACE captured USD 447 per LT LDT with 240 TIFO ROB at time of delivery.

With the New Year festival now firmly underway, it will be a quieter week at least in the Chinese market with many demo yards and owners virtually uncontactable for the duration of the holidays.

Source: Steel Guru (Sourced from GMS Weekly). 24 January 2011

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