Despite some stability being seen in the local currency and domestic steel markets, it was another curious week of cash buyer speculation as three container units were sold at stratospheric levels, for what could only be considered Indian redeliveries (Pakistan does not take containers and Bangladeshi buyers have yet to reach such levels in their own market).
It looks to be extreme speculation on the three Technomar units and a big gamble given the way the Indian market has consistently disappointed and hurt cash buyers this year.
The vessels in question saw two handysize containers, the TANGIERS (7,693 LDT) and the TARRAGONA (7,693 LDT) sold for USD 505/LT LDT ‘as is’ Fujairah with about 250 T of bunkers ROB for the voyage. The favored size (given the number of open buyers to take such units) will surely have contributed to the price on show.
Additionally, the panamax sized container MELINA (24,321 LDT) however may be the biggest risk of all given that the vessel is stationed in Singapore and may not have sufficient bunkers for the voyage across. She too was committed at the extremely firm price of USD 505/LT LDT to the same cash buyer enbloc, with most likely less than the 250 T bunkers on board that many are reporting.
Source: steel guru. 16 September 2014