As the Rupee made some impressive gains from the high
INR 63s against the US Dollar to around INR 62.3 by the end of the week (about
one whole%age point), several sales were concluded at increasingly impressive
numbers.
It certainly appears that cash buyers are starting to
speculate once again, expecting further improvements in the weeks ahead. The
talk from many industry insiders is that the market has bottomed out and the
only way from here is up.
Certainly, recent movements on the currency have begun
to encourage once again, yet the steel price remains as volatile as ever and
there is still the local nagging fear of cheap Chinese billets being imported
as it continues to undercut existing inventories on plots (something that
Pakistan has reacted to positively this week).
On the local fixtures front, two bulkers were sold
this week with spare propellers and bunkers - the handy bulker ABM LEADER
(8,085 LDT) fetched a decent USD 425/LT LDT (with 125 T bunkers ROB) and the
panamax bulker THE BENEFACTOR (9,438 LDT) was committed for a decent USD 435/LT
LDT with around 340 T bunkers ROB upon arrival.
Of course vessels arriving with bunkers are receiving
much less of a premium these days than owners have been used to in the past,
due to the sliding fuel prices (and bearing in mind the demo value for same is
only around 50 % anyway).
MARKET SALES REPORTED
|
VESSEL NAME
|
TYPE
|
LDT
|
REPORTED PRICE
|
|
ABM LEADER
|
Bulker
|
8,085
|
USD 425/LT LDT (with
125 T bunkers ROB and spare prop)
|
|
THE BENEFACTOR
|
Bulker
|
9,438
|
USD 435/LT LDT (with
340 T bunkers ROB and spare prop)
|
Source: steel guru. 14 Jan 2015
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