One sale was recorded at over $500 per ldt - an incredible price - commented GMS in its weekly report.
However, such bullishness is likely to be tempered soon, given that offerings were unable to match some of the outstanding levels seen recently, including the $450 plus per ldt prices seen for various VLCCs in the preceding weeks.
In addition, local steel plate prices in India and Bangladesh registered declines last week.
Local buyers were starting to become nervous and alarmed at some of the massive numbers being quoted by cash buyers and some resistance may be seen soon, despite demand remaining excellent across nearly all locations, due to the ongoing limited tonnage supply.
Pakistan has finally started to firm again and this seemed to be the market most cash buyers were gambling on of late, particularly for VLCCs.
There was concern expressed about the sudden announcement of a ‘mini budget’ in Pakistan and increased duties on steel products. However, it seems that the overall impact on the domestic ship recycling sector will be marginal, subsequently easing concerns of Gadani buyers.
Meanwhile, despite hitting historical and unprecedented lows, the Indian Rupee appeared to have stabilised last week; however, local steel prices continued their volatility, ending the week overall weaker.
Finally, Turkey and China maintained their status quo, in line with recent weeks.
Brokers reported the sale of the 1979-built FSO ‘Yetagun’ to Indian sub-continent buyers, while Bangladesh interests took the 1996-built MR ‘Dawn Kanchipuram’ and Pakistan buyers reportedly took the 1985-built Handy ‘Tamil Ana’ for $361 per ldt.