The local strike in the Indian recycling sector this week in response to the arrest of the Alang rec}rclers upon whose plot an explosion occurred last week that resulted in the death of 6 workers and has seen activity somewhat stall on the shorefront.
Cash buyer acquisitions have continued amidst expectations that the market will not be closed for long and that a full and thorough investigation will be undertaken to ensure nothing similar happens again.
Amidst the most eye catching deals of the week was the UASC controlled container vessel DUBAI (12,899 LDT), sold for USD 437/LT LDT 'as is' Khor Fakkan with sufficient fuel for the voyage to WC India. The bulker MP PANAMAX 3 (12,709 LDT) was committed for an equally firm USD 425/LT LDT 'as is' Sri Lanka, again with sufficient bunkers for the voyage across.
Finally, bulker LANGERON (6,396 LDT) achieved an unrealistic USD 435/LT LDT in the most lucrative move of the week. Of course being full spares, excellent trading history and ABS class all helped pushed the price to speculative levels.
The news on the Rupee though was not altogether encouraging, with four days of consecutive falls leaving the currency trading at almost 523to the LIS Dollar once again. If this trend continues, it is something that will negatively affect the price once again with many buyers still sore after the losses incurred over the previous year.
Source: Steel Guru. 16 October 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_41/287781.html