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GMS weekly report on India ship breaking industry for WEEK 50

Steel News - Published on Thu, 16 Dec 2010

Having had the thunder stolen from them in recent weeks by not only Pakistan but also Bangladesh and China, Indian buyers were back doing what they do best, bidding aggressively on any and all units particularly those that competing markets struggle to understand such as reefers, ropaxes and stainless steel tankers.

A number of stainless steel units came up for negotiation this week with some as usual hefty numbers being seen, but the one concluded sale concerned that of the Swedish built tanker VIKSTRAUM (3,430 LDT) from Norwegian owners for a price just excess of USD 780/LT LDT. With approximately 290 t of solid stainless steel on board and the price for the same in India hovering around the USD 3,000 mark, it is not hard to see how even the smaller vessels in the market receive such interest and often result in a bidding frenzy.

For the time being at least though it appears as though the largest vessels on offer are either heading to Pakistan or China shores, or are even being considered by those Banglaeshi buyers able to import ships for scrap (albeit only 17 yards out of 105 with 8 more expected to receive permission in the coming weeks).

A strong end to the year is thus expected from Indian buyers and with an improvement in the market this week and several vessels under negotiation at the time of writing, it may be a busy time on the sales board for the next few weeks as many owners seek to cash in on strong market levels and sentiment.

(Sourced from GMS Weekly)

Posted By : admin on Thu, 16 Dec 2010
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