Despite little relief from the number of candidates that continue to pour onto the market by the day, prices actually remained somewhat stable for the week with a number of deals done at sensible levels.
The Korean owned chemical tanker SEAHAN BAYSTAR (3,042 LDT) went for a huge 702/LT LDT with 291 T of solid stainless steel on board (the value item as opposed to cladded stainless steel).
Following the sale of the MA7 KOTA ABADI late last year, PIL of Singapore continued their clear out of older tonnage this week with the sale of tlie KOTA MACHAN (4,660 LDT) for a firm USD 485/LT LDT.
Finally, after the first deal had failed to overly bullish cash buyers, the SHAO SHAN 1 (with spare propeller) was resold for an incredible L'SD 490/LT LDT the decent size and spares would have been responsible for the high (yet questionable) price on show.
The seemingly never-ending supply of vessels wall presumably force the market further down in the coming weeks despite the fact that the steel price remains firm and the currency is showing some signs of stabilizing.
Source: Steel Guru (GMS Weekly). 8 March 2012
http://www.steelguru.com/indian_news/GMS_report_on_Indian_ship_breaking_industry_for_WEEK_09/253747.html
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