21 February 2012

GMS weekly report on CHINESE shipbreaking industry for WEEK 07 of 2012:

After a turbulent last few weeks, Chinese prices showed some signs of settling finally -despite many yards still refusing to offer at numbers above USD 400/LT LDT.

Dry vessels have been seeing USD 405-410/LT LDT with wet vessels some USD 10-15/LT LDT ahead. Indeed several deals on dry vessels, general cargo and reefers were done just below in the high 300s and low 400s/LT LDT.

The one exception was the STX capesize bulker OCEAN QUEEN (23,138 LDT) - fixed by one ambitious Indian cash buyer at USD 430/LT LDT 'as is' South Korea with minimum fuel for the expected voyage across the Indian sub continent.

Source: Steel Guru (Sourced from GMS Weekly). 21 February 2012

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