Another stunning week
saw the Indian Rupee trading well below INR 60 against the US Dollar (mostly in
and around the mid to low 58s) and gave some much needed confidence to many end
buyers to return to the bidding tables once again, in an attempt to fill plots
that have largely remained vacant over the recent past.
At the onset, the
landslide election victory for Mr Modi has been an incredible source of
encouragement that darker days, which started in the Q4 of 2012 with the
unprecedented, historic and tumultuous depreciation of the Indian Rupee, were
finally behind them.
Indeed, even tankers
that may have been considered certainties for the Pakistan market due to
cheaper gas free status are now being made gas free for hot works at added cost
and brought over to the undisputed market of the moment, to cash in on the
premiums on offer.
Two such cases in point
will likely see the favored Ukrainian built tanker VALDIVIA (16,248 LDT)
brought across from Chile after fetching a huge USD 402/LT LDT (and with
significant delivery expenses, particularly on bunkers all the way from South
America).
Source: steel guru. 27
May 2013
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