The overkill recently experienced in The VVC Indian market is still taking its toll until new sales few and tar between and most cash buyers refused on offloading their unsold inventories.
The losses experienced during the recent softening in price by some USD 40 per liter to USD 50 per liter LDT have once again been a painful reminder on the volatility of the Indian market. From highs well in excess of USD 500 per liter LDT, the market looks as though it will finish the year nearly USD 150 per liter LDT lower, with few signs of those previous highs on the horizon.
If anything, the trend as it has been for the majority of miss year is only downwards. A wildly fluctuating Indian Rupee, unreliable steel plate prices and a mushrooming number of candidates has seen prices plummet significantly already this year.
Indeed some pundits anticipate that the flow of vessels is expected to continue well into 2013 and with many yards across the sub continent already stuffed after a record year, it may take an extend period of digestion/cooling in order to get back on the purchasing track once again.
The Indian appetite for decent containers remained strong though with the ITALIA sold for an impressive USD 410 per liter LDT 'as is' Singapore with only around 100 T bunkers HOB upon deliver'. Several other similar sized private units were committed for prices approximately USD 10 per liter to USD 15 per liter LDT ahead on a delivered basis to Alang.
Market sales reported
