Rather than using Indian sub continent turmoil as a chance to pick up a few units themselves, China instead relied on their own mini crisis, to make it a miserable past few weeks in international ship recycling quarters.
Not one market sale was registered to local users this week, despite the handvsize bulker ATLANTIC MAJESTY (8,259 LDT) delivering successfully to end buyers at a verv firm USD 415/LT LDT (including 350 T of bunkers upon arrival).
Levels on dry vessels are varying greatly from 360 to 390/LT LDT (depending on specs) and many vessels are not even able to find end buyers with a lot of the yards already packed full of tonnage.
Source: Steel Guru. 29 May 2012http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_21/265971.html