Diwali holidays, coupled with falling local steel plate prices and a
currency that has once again come off significantly and resulted in some very
poor sentiment this week in India.
In fact, for most cash buyers, it was not even worth offering vessels
into the Indian market due to the terrible numbers coming back their way. For
those with unsold inventory, it could be a difficult time ahead in minimizing
their losses and performing on those high priced deals of several weeks ago.
The reality is that bulkers are once again trading well below the UD 400
per liter LDT mark and tankers/containers are somewhere in the region of USD
420 per liter LDT less 3% if any levels were quoted at all.
With 40 vessels beached last month, 10 already this month and another 35+
at anchorage or incoming, it has been another bumper month in India and perhaps
the time-off afforded to the market owing the Diwali holidays has been fully
deserved.
It will be interesting to see where the market emerges again in the
coming week, with both owners and cash buyers alike hoping that the market
resumes its old swagger.
Source: Steel Guru. 20 November 2012
http://www.steelguru.com/indian_news/GMS_weekly_report_on_India_ship_breaking_industry_for_WEEK_46/292238.html
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