An increasing number of Chinese buyers seem prepared to speculate on tonnage as their near total absence from buying for the last few months has left local vards almost devoid of tonnage.
The recent upswing in local steel plate prices has seen levels on ships improve by at least USD 20/LT LDT, putting Chinese buyers right in the mix with Indian subcontinent levels, especially for those vessels positioned in the Far East.
With a number of capesize vessels due to finish discharge shortly in the East (or due to face SS/DDs at the end of this year) it will be interesting to see how both markets battle it out to secure vintage tonnage.
Source: steel guru. 30 July 2013http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_30/320457.html