Some major gains on the Chinese stock market this week trickled through to the ship-recycling sector to boost both sentiment and price.
Several weeks ago, levels in China rocketed up to excess those of the Indian sub¬continent (with one capesize bulker sold at USD 392/LT LDT off die back of some heated cash buyer competition and speculation). Subsequently contracting steel prices saw levels nosedive back down to the 350s-360s on bulkers with 10-15 USD/LT LDT since then, added back during the upswing of last week.
Two geographically located Korean vessels were concluded off the back of this improved sentiment die STX owned OCEAN NOBLE (6,966 LDT) at USD 376/LT LDT (with 200 T bunkers included in sale), and the decent sized STX managed OCEAN KOREA (12,278 LDT) at an impressive USD 382/LT LDT.
