The dearth in offers and concluded deals into China continued for another week with nothing on the sales board. The China Navigation panamax bulker ERA WAN had been concluded last week for a very firm (by current levels / sentiment) USD 382/LT LDT with some 200 T bunkers for guaranteed green recycling, in the sole move of recent times.
Even Chinese flagged candidates that are being proposed (and thus eligible for tax breaks/government incentives for scrapping domestically in China) end up becoming Indian sub-continent candidates (preferably Bangladesh due to proximity).
There are few signs that the situation will be improving any time soon either, with many yards full and not able to offer higher due to the weakened steel market. It may be some months yet before we see China once again competing with the Indian sub continent markets.
Source: Steel Guru. 14 May 2013http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_19/312020.html