A curious week of declines and falls was punctuated
by the sale of two containers at exceptional (and highly speculative) levels
based on today's sentiment.
The Yang Ming panamax sized container YM NORTH
(19,415 LDT) fetched a superlative USD 491 per LT LDT 'as is' Colombo with no
guarantees of remaining bunkers (which were expected to be about 250 tonnes to
300 tonnes ROB sufficient for the voyage to its intended recycling yard). The
concerned cash buyer may be hoping to play the equidistant Bangladesh and
Indian markets, in order to extract the best possible price.
Zim of Israel, likewise committed the ZIM JAMAICA
(16,900 LDT) for a very firm USD 510 per tonne LDT. The vessel is due to
discharge West Coast India and is expected to deliver around the end of
September. The relevant cash buyer seems to be taking a forward position, with
the Indian market not offering prices at these sorts of levels at present and
the Pakistani market not that interested in acquiring containers due to
beaching draft issues.
Meanwhile, the currency spent much of the week
trading above INR 61 against the US Dollar, with a small recovery seen towards
the end of the week. The outlook for the months ahead however remains bleak
with almost USD 20 to USD 25 per LT LDT knocked off the pricing in the past few
weeks alone (due to sliding scrap steel prices and an unexpected depreciation
of the Indian Rupee).
Source: steel guru. 19 August 2014
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