Bangladesh once again took most of the plaudits for another impressive showing and India maintained its strength, despite a marginal drop in local steel plate prices, GMS wrote in its weekly report.
Conversely, Pakistan continued to remain in status quo, by being on the sidelines, uncompetitive against its sub-continent rivals. There seems to be no immediate hope of Pakistani recyclers buying, at aggressive numbers again, any time soon.
Finally, Turkey remained positive and firm with not much change reportedly emanating for its key fundamentals, ie local steel plate prices and the Turkish Lira.
On the sales front, there have been a few more off market deals reported last week – particularly a pair of private Capesize bulkers - as the dry market continues to feel the after effects of a largely turbulent period.
More than seven Capes have been sold and beached since the start of this year and it may well be a busy few months ahead, particularly as rates for containerships, drybulkers and now tankers, all start to struggle simultaneously.
With the Bangladeshi market continually taking in its share of deliveries and gradually filling up, not only in terms of capacity but also in terms of capable open end buyers with available L/C & bank limits, shipowners and cash buyers focus will inevitably shift to competing markets, in the hope that levels continue to be sustained, given that the supply of tonnage is potentially set to increase in the near future, GMS said.
Brokers reported the sale of the 1992-built MR ‘Medelin Total’ to Bangladesh interests for an undisclosed price level.