Despite the turmoil that the Indian market currently finds itself in, local buyers still managed to do themselves justice by concluding a majority of the market sales for yet another week.
Some vessels have been seeing some extraordinary levels, leading to suggestions of late that cash buyers are once again trying to push prices up to unrecognizable levels, in order to justify some of their overpriced purchases of a month or so ago. This type of gambling has, and will always remain, a dangerous tactic with millions at stake.
Indeed, there appears to have been some sustained speculation recently that levels post budget on 28th February, could well see prices push on once again. However, the reality on the ground is of a currency that is once again depreciating back down to 54 against the US Dollar, whilst steel prices have come off (and stayed off) by nearly USD 25/LT LDT in the past few weeks, without showing any material signs of a recovery.
Of the deals done, the larger container HLL BALTIC (19,520 LDT) caught the eye with a price of USD 425/LT LDT 'as is' Singapore with some 250 T bunkers included in the sale. The smaller container RENALTE SCHLILTE (7,308 LDT) - also from German owners - has been rumored to have concluded at unbelievable LTSD 450/LT LDT, however given her Polish country of build, we believe the vessel to be concluded in the mid $430s/LT.
Finally, the bulker SILVER STAR (5,486 LDT) and the MPP DAE SAN (3,846 LDT), both from North Korean owners rounded off the sales at USD 405/LT LDT and LTSD 411/LT LDT respectively.
Source: steelguru. 26 February 2013