GMS weekly report on INDIA shipbreaking industry for WEEK 23 0f 2011:

Another worrying week of decline and fall brought about further consents to cash buyers looking to offload their inventory. The lack of open and willing buyers has meant some of the weaker players in the industry have come to the fore (as in Bangladesh). Deliveries and payments then run the risk of being delayed as LCs are struggled with and banks pressed into action to assist.

Another Capesize bulker was reported sold early in the week as the GLORY SHENZHEN (18,382 LDT) from Chinese owners SEA STAR founds buyers willing to pay up to USD 547/LT LDT for their vessel (with 1,900 TIFO remaining on board upon delivery). This is the fourth cape that Sea Star has sold this year following hot on the heels of the M/V GLORY SHANGHAI, M/V MINERAL CHILE and M/V APOLLO STAR committed already this year.

The move also highlights the value local buyers are placing on the quantities of fuel remaining on board with three Capesize sales in particular catching the eye. Two weeks ago the JIA FU STAR was sold with 1,700 T IFO for a price region USD 545/LT LDT, then came the ETERNAL SEA the following week with 1,600 T IFO rob for region 545/LT LDT, and now the GLORY SHENZHEN with 1,900 T IFO rob for USD 547/LT LDT.

Source: Steel Guru (Sourced from GMS Weekly). Tuesday, 14 June 2011

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