A bumper week on the sales front
saw the Indian market bag four high profile and high LDT containers at some
impressive numbers. Much of this appeared to be on the back of cash buyer
speculation, as the truckers strike that had beset the market at the end of
last week persisted for most of this week as well, leaving any reading of steel
prices redundant.
The currency has begun to settle
again in and around Rs. 61 to the USD (with some even speculating it could go
down into the 50s) as local fundamentals showed signs of improving. A brief
spike on the steel prices was also seen at the end of the week as the truckers
strike came to an end and business resumed as normal in Alang.
The container vessels in question
saw the DATO (17,600 LDT), KADIK (23,857 LDT) and PATAI (19,631 LDT) all sold
to one bullish cash buyer for USD 444/LT LDT for a delivery WC India. It is
understood that the same cash buyer also purchased the APL SPINEL (21,574 LDT)
for an incredible USD 454/LT LDT ‘as is’ Singapore with 650 T bunkers remaining
on board at the time of delivery. Owing to less than impressive (barely
breakeven) charter levels, containers certainly appear to be the flavor of the
moment.
The other sale for the week saw
the Nasco controlled tween XIANG FU MEN (8,190 LDT) sold for a decent USD
420/LT LDT (with inward clearance fees for buyers), as owners continued their
clearout of older tonnage.
Source:
steel guru. 17 December 2013
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