The onset
of Diwali holidays this week brought with it, a weakening of levels and a
softening in demand. At this juncture, the speculative buying of the past few
weeks now appears to have been a reckless proposition of sorts.
All
of those bulkers concluded in and around the 430s per liter LDT levels were
clearly unrealistic and inflated purchases based on nothing more than
speculation from cash buyers that the market would raise in the coming weeks.
However,
with resale prices on most decent sized bulkers around USD 400 per liter to 405
per liter LDT maybe max USD 410 per liter LDT for those with decent specs, the
performance of the cash buyers who have overpaid for their respective units
will definitely be called into close scrutiny at the time of arrival.
Several
deals were concluded for the week including the tanker BROTAS basis as is in
Rio De Janeiro for a price understood to be region USD 4,500,000 with still
some major repairs required to get her to seaworthy condition for the voyage
over to the Indian sub continent.
The
7,935 LDT bulker MAKEEV was sold for a more realistic USD 415 per liter LDT in
the most revealing sale to illustrate the softening by some LISD 15 per liter
to 20 per liter LDT for the week. The 2000 built Shanghai container SORAYA (9,890
LDT) was concluded at USD 443 per liter LDT 'as is' Khor Fakkan with sufficient
fuel for the voyage over to WC India.
Market
sales reported -
Vessel name
|
Type
|
LDT
|
Reported Price
|
BROTAS
|
Tanker
|
16,491
|
TBD
|
MAKEEV
|
Bulker
|
7,935
|
USD 415/LT LDT
|
SORAYA
|
Container
|
9,890
|
USD 443/LT LDT
|
Source:
Steel Guru. 06 November 2012
http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_44/290603.html
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