China
emerged from the October holidays on a sorter note with demand having
diminished and prices having weakened by at least USD I0/LT LDT. This is
largely down to an equivalent fall in local scrap steel prices.
Of
encouraging news however is that the demand for iron ore amidst an increase on
Chinese building projects has pushed on charter rates (particularly in the cape
sector), and has slowed the supply of candidates to the market. A similar
rebound on steel prices could be expected if this recent turnaround in the
trading sector persists.
One
older sale from before the holidays saw the Ukrainian owned capesize bulker
ELOUNDA BAY (22,494 LDT) sold for USD 377/LT LDT. Owners Vista had only
recently purchased the vessel from Zodiac (ex BUCCLEUCH) several months before,
but having seemingly found no employment, took the decision to scrap her not
long thereafter.
Source:
GMS Weekly. 15 October 2013
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