An upswing in price for prompt May deliveries, before the Bangladesh budget of June 5th, prompted a late surge in sales that saw huge numbers obtained on both private and market units.
The chief beneficiaries saw the Chinese based owners of TUO FU 3 (15,887 LDT) obtain a firm USD 491 per LT LDT for the vessel the 750 tonnes of bunkers at the time of delivery contributing to the firm price on show. Additionally, the vessel being converted from a tanker to bulker (therefore having about 4,000 tonnes of renewed steel) saw the vessel achieve a significant premium over straight bulkers.
Yet, with few buyers keen to acquire tonnage as the budget of June 5th approaches followed swiftly thereafter by the onset of monsoon season, it may therefore be a quieter June in Bangladesh (unless any more prompt deliveries can be achieved).
Source: Steel Guru. 6 May 2014