A certain stability descended over the market after a turbulent last few weeks, but there was little impact on the price as many end buyers refused to offer aggressively and levels remained stagnant.
A proliferation of reefer vessels was hardly the tonic to encourage end buyers back to the table. Moreover, the lack of bidding-motivation was further dampened thanks in part to the seasonal migration of many workers back to their hometowns ahead of the impending monsoon season.
This has left many yards with a chronic labor shortage at one of the busiest times of the year with well over 50 NEW ships per month arriving at anchorage for recycling.
Furthermore, with a flood of container vessels expected to come, the supply of vessels is not expected to let up any time soon and it may well be that we see a number more unsold units that are seeking buyers.
On the sales front, the Chinese owned converted bulker (from suezmax tanker) VISTA (17,385 LDT) went for USD 465/LT LDT whilst the Marmaras handymax bulker fetched an extremely firm USD 482/LT LDT for delivery WC India - Pakistan range.
Source: Steel Guru (Sourced from GMS Weekly). 18 April 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_15/259548.html