Despite the sale of two high profile capesize bulkers last week, the EX OBO AQUA CHALLENGER (22,695 LDT) from Noble and the STAR YANDI (20,535 LDT) from Chartworld (both fetching around USD 397 -400 per LT LDT with about 2,000 and 1,000 tonnes of bunkers on board respectively), the Pakistan market failed to kick on this week and secure any more larger LDT tonnage.
End buyers have a keen eye on developments in India as usual as the overall reaction to the Indian budget in Gadani has been a negative one with end buyers seeking to find any excuse to drop prices yet further.
If this current trend continues, then local buyers will see much of their favoured tonnage diverted to Bangladeshi shores (even for units discharging West Coast side). An interesting week lies ahead to determine the immediate direction of prices once again.
Source: steel guru. 10 March 2015