Quite aside from celebrating a famous (and only second) cricket world cup triumph this week, the local ship recycling market surged ahead with some unbeatable prices and demand.
The insatiable appetite seems to be for vessels on the smaller size along with the favored 8,000 to 12,000 LDT units of all types that the vast majority of buyers can accommodate in their yards.
Many have been expecting some form of buoyancy ahead of the traditional May holiday monsoon cooling period, so it is perhaps, a little surprise to see the market push on in such a fashion. There were some signs of softening by the end of the week as prices reportedly came off a bit, but steel prices remain strong and open buyers remained plentiful.
The handysize bulker SOTIRIA (5,611 LDT) received an extremely surprising (and not reflective of market) level of USD 510/LT LDT this week perhaps owing to the fact that she is of a desired size and her main engine was recently upgraded / overhauled and two brand new generators installed as of 2008. A prompt deliver}' made her of more interest to local buyers as well.
Whether the recent world cup triumph can further spur levels on into the next few weeks remains to be seen, but in the continued absence of Bangladesh , both India and Pakistan
Source: SteelGuru. (Sourced from GMS Weekly). Tuesday, 05 Apr 2011
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