GMS weekly report on INDIAN shipbreaking industry for WEEK 07 of 2012:

A sharp spike in prices briefly jolted the Indian market from its unfamiliar pre-budget hill, but for the most part, wary cash buyers remained cautious having burnt themselves on similar short-lived surges recently.


A number of deals were concluded at numbers mat would indicate some return to form, but the truth is that even end buyers were careful not to commit on vessels arriving India before the 15th March budget date (after which prices could well fall if increased taxes are imposed on incoming units).


UASC continued on with their clearout of older containers as their FOURTH unit was sold (in as many weeks) 'as is' Khor Fakkan (with sufficient fuel for the voyage over) for a very firm USD 502/LT LDT on today's market.


The bulker HERON (10,797 LDT) picked up a huge USD 495/LT LDT with the full spares on board and 200 MT of new steel added for strengthening (not included in LDT) responsible for the high price on show.

Source: Steel Guru (Sourced from GMS Weekly). 21 February 2012

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_07/251222.html