Few of the favored Bangladesh units (such as capesize bulkers and suezmax tankers / VLCCs gas freed for hot works) limited the opportunities of the local market to show their true colors this week. Indeed the onlv market sales concluded saw the smaller handysize bulker ALKAR (7,856 LDT) fixed for a marginally strong USD 410/LT LDT.
The lack of available buyers with strong lines of credit has also been an issue at the start of this year, with cash buyers having to be doubly sure that the end users they are dealing with have the capacity to open and release valid letters of credit on time.
For that reason, with many of the larger buyers taken up with vessels already purchased, those that remain cannot be entirely trusted to perform satisfactorily on arriving units.
Source: steelguru. 26 February 2013