The ailing Indian market required some urgent assistance from both Bangladesh and Pakistan this Week as cash buyer vessels were diverted to rival shores in a bid to ease the burden on an already creaking industry.
94 vessels have already beached over the course of October and November with a further 6 having arrived during November and waiting to dear inwards. That 100 vessels have made their way to India over the past couple of months is evidence enough of a market that has become inundated with tonnage.
Contracting steel prices and a desperately depreciating currency have hardly helped sustain the flow of vessels at previously strong prices. Indeed the scene was one of renegotiations in India over the recent past as numerous vessels were caught in a web of complex argument, disputes and games from the lesser lights of the cash buyerindustry.
The converted cape size bulker from suezmax tanker WELMOUNTAIN was caught in LDT disputes and the reefer INDIAN OCEAN deal was cancelled as the vessel remains unsold at anchorage. The aframax tanker BLACKFIN failed to a previous buyer at USD 443.5,'LT LDT before coming back to the market and being sold at USD 440/LT LDT.
Several General cargo vessels with decent countries of build were committed at the lower overall figures of USD 3"i>LT LDT and USD 391/LT LDT respectively.
Market sales reported
