Few signs of recovery existed this week in the Indian market as an end of year gloom descended on what has been an incredibly frustrating and volatile year in the Indian ship recycling industry.
There is little doubting the intensity of activity this year with volume records set to be broken, vet the currency and steel prices have proved to be such destabilizing factors over the course of the year that end buyers have become incredibly nervous arid indecisive when it comes to the actual buying.
Vessels continue to arrive and face difficulties either with description or on LDT proofs at time of delivery, especially those deals done at levels of USD 50 per LT LDT and higher last month. It is the role of the strong and reliable cash buyer now, more than ever, to see those high priced deals through and concluded without a hitch.
The two market sales for the week saw Odfjell sell another of their tankers for guaranteed green recycling the BOW LEOPARD (9,440 LDT) at USD 435 per LT LDT (including 70 T of solid stainless steel) and the good cargo carrying handy size bulker BELDE (7,500 LDT) sold for a very firm USD 410 per LT LDT. Both appear to be highly speculative deals on today's market.
Market sales reported
