Tuesday, 15 Feb 2011
A drastic slump in levels for the week left many cash buyers and owners reeling as the gains from the previous few months filially started to retreat to slightly more recognizable levels.
Many have been predicting an adjustment in price (especially with Bangladesh still out of the game), but when it happens in such a sharp, swift and substantial manner, it is always difficult to stomach.
Many cash buyers were left holding on to tonnage acquired on an 'as is' basis, or if the losses were proving to be too significant taking delivered vessels over with their own crew and holding until some improvement to acceptable (even breakeven) levels are seen.
Nevertheless, due to the scarcity of tankers on the market at the moment, one US built unit attracted a strong price basis 'as is' Mozambique that should a fetch a level well over USD 500/LT LDT upon arrival. The OVERSEAS PUGET SOUND (11,105 LDT) was sold for a price of USD 492/LT LDT and may yet turn out to be a Pakistan candidate with the market there perhaps edging what India has to offer at the moment. (sourced:GMS weekly)
Tags: GMS, weekly report, India ship breaking industry, US built unit, Mozambique, Bangladesh, Pakistan
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