Some opportunistic bidding in the wake of the recent Indian currency crisis saw a few candidates diverted to Gadani buyers.
With most local buyers content to cherry pick units, there were not too many market sales concluded either existing cash buyer as is tonnage or vessels done with a Pakistan option included.
With many yards however already at capacity, there was very little incentive by local buyers to improve their numbers. One older sale emerged though with the 6,000 LDT bulker EMINE that concluded locally for USD 442 per LT LDT.
The upcoming budget of early June has seen many end buyers keen to wait until the results of that announcement before committing to new purchases.
Source: Steel Guru. 15 May 2012