A week of contrasting fortunes in
the Indian sub-continent markets saw a raft of renegotiations, diversions and
failed deals.
India was the culprit in chief with
another volatile week of decline after the gains of the early part of the week.
It highlighted a rather altered state of affairs as far as the offering and
negotiating went with India lagging behind its two sub continent neighbors.
Indeed, it was difficult for the best part of the week to muster any numbers
whatsoever from Indian buyers, with most preferring to wait and watch to see if
some sort of sustained stability emerges in the coming weeks.
Bangladesh in contrast surged
forward as the market of the moment with some stronger overall confidence,
prices, and overall demand emerging for the first time since the recent
reopening. Pakistan still remained on hand to cherry pick the best of the
remaining units and was even beginning to absorb the casualties of India's
current decline in form.
It was China that surprised most of
all, despite declining capacity, with some high priced bidding and securing of
some top-priced market tonnage (to divert from the clutches of the resurgent
Bangladeshi market).
Turkey returned to the forefront
with the most notable deal of the week. The converted ro ro HELLENIC SAILOR
(10,245 LDT) was sold for USD 370/LT LDT to redirect her away from Indian sub
continent. Additionally, Ro Ro ELIROVOYAGER (5,970 LDT) was sold to Turkish
recyclers at region USD 365/LT.
Overall, it was a stop start week in
the industry with holidays and financial year ends (in India) disrupting the
overall flow and fluency of deals. The number of market deals therefore
suffered as a result and it may be the same again over the coming week,
especially with Easter celebrations looming and owners brokers in the Europe
and the USA taking time off to celebrate the holidays.
For week 14 of 2012, GMS demo
rankings for the week are as below:
| Country | Market Sentiment | GEN CARGO Prices | TANKER Prices |
| Bangladesh | Weak | USD465/lt ldt | USD 485/lt ldt |
| India | Weak | USD460/lt ldt | USD 480/lt ldt |
| Pakistan | Weak | USD455/lt ldt | USD 480/lt ldt |
| China | Bullish | USD420/lt ldt | USD 435/lt ldt |
Source: Steel Guru (Sourced from GMS
Weekly). 10 April 2012
http://www.steelguru.com/international_news/GMS_report_on_ship_breaking_industry_for_WEEK_14_2012/258405.html
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