Dipping
market sentiment showed few signs of improving this week as arriving deals
continued to struggle at the waterfront. A lack of open/willing end-buyers saw
delays aplenty and a plethora of renegotiations were reportedly to have taken
place on incoming vessels.
The
supply of reefer ships too showed few signs of abating as most end buyers
continued to turn their noses up at such vessels, or ended up offering on NETT
LDT i.e. making deductions for the weight of insulation and/or wooden gratings
on board (unlike offering and eating such costs when markets were doing good).
Two
Lithuania reefers were concluded at the paltry level of USD 440/LT LDT - the
MARSAS (2,302 LDT) and the PLUTO (4,161 LDT) were indeed lucky to find any
buyers at all, even at these lower numbers.
Odfjell
also wrapped up M/T BOW PEACE at a relatively strong USD 535/LT LDT. The nearly
265 Tons of solid stainless steel onboard is anticipated to have helped achieve
the high price, in a market that's been gradually heading down.
After
several weeks now of poor performance and subdued buying interest, fewer
vessels were scheduled to arrive pre-monsoon. It is doubtful if the buying
interest will pick up over the monsoon season - particularly if the rupee
continues to struggle against the dollar as it has been and many yards may be
eyeing a quieter overall summer as a result.
Source:
Steel Guru (Sourced from GMS Weekly). 1 May 2012
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