11 September 2013

GMS weekly report on China shipbreaking industry for WEEK 36 of 2013:

As the focus shifted East to the most active and arguably best paving recycling market, Chinese buyers booked a number of vessels at increasingly impressive numbers. With larger capesize bulkers and tankers the preference, rates are comparable with, if not a touch ahead of their Indian sub-continent competitors.

Two capesize bulkers of note were sold this week with the Chinese owned HUIKANGHAI (22,532 LDT), with spare propeller, sold for USD 375/LT LDT and the Ofer controlled TAUNTON (24,005 LDT) sold for a very strong USD 381/LT LDT (with 500 Tons of bunkers included in the sale).

In other news, after it was reported last week that the Vietnamese owned panamax bulker SEA EAGLE (11,990 LDT) was sold for USD 338/LT LDT 'as is' under tow in Zhoushan shipyard, the vessel has once again emerged onto the market following the failure of owners to lift their BOD once again.

Source: Steel Guru. 11 September 2013

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