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 2012http://www.steelguru.com/international_news/GMS_report_on_ship_breaking_industry_for_WEEK_14_2012/258405.html