Following a spate of recent container sales into the WC Indian market (the preferred unit of choice it seems due to decent residual quality of steel and lack of need for gas freeing); it was back to bulker buying with 3 market sales to report.
The converted VLCC ORIENTAL NICETY (34,399 LDT) caught the eye as it was sold for USD 460/LT LDT 'as is' Singapore with approx 300 T bunkers ROB. The USA built ship retained some of the qualities of a traditional tanker after conversion hence the high price on show. At the time of writing, it had indeed been sold into the Indian market at a price usually reserved for tankers.
Two more standard dry units TOFTON (6,741 LDT) and HOANG SON SKY (6,378 LDT) were sold for the going rate of USD 465-475/LT LDT into India.
The results of the budget of 15th March brought very little material change to ship prices. Excise duty was increased by 2% but this had already been anticipated by most end buyers and was far from the worst case scenario that man}' had envisaged on the build up to the announcement.
The amount of tonnage on the market continues to present problems for the market with far more candidates out there than open and aggressive buyers.
Source: Steel Guru (Sourced from GMS Weekly). 21 March 2012
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