The
prevailing feeling of doom surrounding the Indian market of late this week
materialized into a full-blown crisis with the virtual non-existence of offers
form local recyclers, and predictions of further downward corrections now
imminent.
Indeed,
the lack of offering even began to filter through to cash buyers with very few
offers forthcoming from their side, basis India delivery. Only for vessels
likelv to be in heavy demand were prices mentioned however for older, poorly
maintained bulkers, overpriced units and reefers, soliciting any interest at
all from the local market was proving to be incredibly challenging indeed.
That
did not stop UASC committing vet another container earlier in the week with the
HAMMARABI (13,121 LDT} sold 'as is' Khor Fakkan for an astonishing (especially
on today's market) price of USD 498/LT LDT (with sufficient fuel for the voyage
over). There was also news of German-controlled container vessel BUXMASTER
being committed at similar levels basis "as is' JEBEL ALI, however given
the fact that the vessel is nearly half the LDT of the HAMMARABI, would seem as
though the vessel was committed to trading Buyers.
Despite
steel prices remaining strong, the rupee has continued to struggle and the
sheer volume of vessels has left end buyers able to pick and choose the best
whilst controlling prices something that has made of the job of cash buyer
extremely difficult.
Source:
Steel Guru (Sourced from GMS Weekly). 24 April 2012
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