With India overtaking Pakistan this week following some encouraging gains on the Rupee, the emerging Pakistan demand was yet to be satisfied. The truth is that prices will more than likely have to improve from their current standing, in order to acquire the desired share of market tonnage.
There was some speculation that the Turkish controlled handysize bulker H PIONEER (6,807 LDT) had been sold into India and whilst mere will most likely be an India option included in the deal the interest in Pakistan for this particular unit was strong.
The extremely strong and uncharacteristic price achieved could be down to the heavy bronze working and spare props, and the decent UK country of build. It will be interesting to see where this vessel eventually turns up and if it will make some money for all parties in the play.
Source: Steel Guru. 17 September 2013