17 January 2012

GMS weekly report on INDIAN shipbreaking industry for week 02 of 2012:

Some signs of a market recover}' began to filter through this week as a greater overall aggression to buy, coupled with an improving steel plate prices and inklings of gains on the currency front helped drive up demand and prices.

Even though the Indian rupee had lost upwards of 15% of its value against the US dollar over a tumultuous recent past, Cash Buyer speculation was life this week as prices for units on offer continued to escalate during the negotiations, only to be eventually wrapped up at entirely unexpected levels.

Some of the high profile deals concluded over the course of the week included the UASC owned container vessel AL IHSA'A (12,861 LDT), picking up a substantial USD 501/LT LDT 'as is' Khor Fakkan - Fujairah range, with sufficient fuel for the voyage to West Coast India. Additionally, the TSAKOS container under negotiation saw similarly impressive numbers for deliver}' WC India.

LPGs with Stainless Steel too saw big numbers this week as the NORGAS ENERGY was sold at a very high price basis "as is" Singapore. Logically, the 800 tons of solid Stainless Steel onboard did everything to ensure the owners walked away with top dollar. Additionally, Odfjell too were reported to have sold their BOW PROSPER (12,200 LDT with some 250 T stainless steel on board), presumably for green recycling, whilst the floating FPSO SEA CAT (14,184 LDT) has been picked up at USD 441/LT LDT 'as is' Malaysia. With Bangladesh's immediate future hanging in limbo, we suspect the SEA CAT to end up in India.

Source: Steel Guru (Sourced from GMS Weekly). 17 January 2012

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