The shipbreaking market in South Asia continued its
downward spiral last week as bulker prices fell below $400/ldt in Bangladesh
and Pakistan.
While there is an ongoing influx of cheap billets from
China, Dubai-based cash buyer Global Marketing Systems said a mild
strengthening of the rupee against the US dollar, as well as Pakistan's
decision to tax imports of Chinese billets could provide support.
Prices for dry vessels are now seeing below $400/ldt
and there was talk of one or two units from existing cash buyer inventories
being committed at such lower levels into Bangladesh.
"Favoured units will obtain a premium whilst
older dry vessels in poor condition will receive much lower levels (now below
$400/ldt) and provided there is any interest at all," said GMS.
In India, two bulkers with spare propellers and bunkers
fetched higher prices last week.
Malah Maritime Services' 1994-built Handysize bulker
ABM Leader fetched $3,431,432 or a decent $425/ldt and Sea Lion
Shipmanagement-operated 1986-built Panamax bulker The Benefactor was committed
for $4,105,530 or $435/ldt.
The collapse in oil prices and the corresponding drop
in bunker prices mean ships can no longer demand high premiums for leftover
bunkers upon arriving at the cash buyer.
On the other hand, shipowners have been refraining
from selling older vessels due to the slide in scrap prices. Brokers told IHS
Maritime that if this persists, cash buyers and scrap yard owners would have to
raise their offers to get tonnage.
Source: 12 January 2015
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