A quieter overall start to the week in India, due to the impending financial end of year, sparked into life on the 30th with a bountiful number of sales.
The end of the high season for reefers saw yet more units fixed - and failed. The Roswell reefer committed at USD 460/LT LDT last week failed when the relevant cash buyer failed to sign the MOA. It was eventually resold as the week ended, at a comparatively paltry USD 445/LT LDT.
The abandonment of a number of deals (including the Star Reefers pair VALPARAISO STAR and TAURANGA STAR) was largely down to very few in the market even talking on levels. This was primarily due to the single most dramatic one day fall in steel prices over the past 4 months - USD 10/LT LDT - coupled with an increasingly under pressure Indian Rupee against the LTSD.
However, as the week ended, a moderate recovery in steel prices did little to bring prices back up, however sentiment seemed to find some sort of stability. Yet, these seemed insufficient for the market leaders, especially as activity is expected to pick up next week as the financial year starts afresh and the markets continue to be hammered by the overabundance of units.
A couple of interesting Aframax tankers were sold this week both 'as is' Singapore and Colombo with the OVERSEAS REBECCA (17,045 LDT) fetching USD 485/LT LDT gas free for man entry only with 350 T bunkers ROB and the Croatian built NORTHERN BELL (16,283 LDT) picking up USD 488/LT LDT with 200 T bunkers and a gas free for hot works status.
Source: Steel Guru. (Sourced from GMS Weekly). 3 April 2012
http://www.steelguru.com/indian_news/GMS_report_on_Indian_ship_breaking_industry_for_WEEK_13_2012/257313.html
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