09 August 2012

GMS weekly report on Indian shipbreaking industry for WEEK 31 of 2012:

A number of market vessels were concluded this week in the clearest sign yet that the Indian ship recycling sector was back in business, following the recent months of turmoil leading up to the recently resolved Supreme Court case.

Many of the deals concluded were considered to be on the speculative side with one grain trading bulker the Marmaras owned PRIOKONISSOS (6,897 LDT) going for an unrealistic USD 425/LT LDT. At the time of writing, there were reportedly no end buyers in the local Indian market at even USD 415 /LT LDT raising a few questions as to the viability of the deal.

Additionally, handysize bulker OTRADA (7,898 LDT) was committed for a very firm USD 415/LT LDT for delivery to WC India.

Several roros from Italian owners were also concluded 'as is' last week for a price region USD 350/LT LDT as the JOLLY INDACO (8,868 LDT) and the JOLLY RLt: (7,428 LDT) were sold to one eager cash buyer.

Finally, the last noteworthy market sale was that of container vessel PACIFIC TRADER (7,393 LDT), committed 'as is' Colombo with 350 T bunkers onboard upon delivery.

Source: Steel Guru. 8 August 2012

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