Another frustrating week for Chinese recyclers saw a lack of market sales register and a number of prime vessels relocated elsewhere or taken over ‘as is’ by cash buyers, intent on making the final voyage over to Indian sub-continent range.
The price gap remains about USD 150/LT LDT between both markets which is the amount state owners are receiving as a premium on their Chinese flagged tonnage scrapped locally.
The supply of private tonnage from the likes of COSCO, China Shipping, and AMCL (who are rumored to have sold one VLCC recently) persists at below market levels to keep local yards supplied.
Source: steel guru. 1 April 2014