The incredible form of the Indian currency and the recent reversal in fortunes in the Pakistan market has seen Bangladesh deprived of tonnage of late even with vessels coming from and positioned in the Far East.
Whilst there has been simply no competing as numbers arrowed up above USD 500 per LT LDT on various speculative container purchases, Bangladeshi buyers did however manage to conclude the two market purchases of the week.
The TBS controlled bulker MAORI MAIDEN (7,243 LDT) was committed to Chittagong buyers for a firm USD 467 per LT LDT as the US owners continued their aggressive fleet restructuring program.
Additionally, the Chinese state controlled smaller bulker JIN HAI YUAN (6,485 LDT) was also sold at auction in China for USD 356 per LT LDT ‘as is’ Fujian with about 100 T bunkers remaining on board at time of delivery. The deal looks destined for Chittagong due to the size and proximity, and with the China market so weak at the moment.
Source: steel guru. 8 April 2014