The Pakistani market roared back into the picture this week by capturing THE two market sales of the week at impressive numbers. A large part of this has to go down to cash buyer speculation, but there is a feeling that prices in Gadani are set to potentially pick up, in conjunction with the bullishness displayed in both India and Bangladesh presently.
As another VLCC, gas free for man entry only, was committed to one eager cash buyer (at previously unheard of levels), the interest of end buyers, competing cash buyers and curious owners was piqued accordingly. The Navios controlled SHINYO NAVIGATOR (42,448 LDT) was sold for a hefty USD 441/LT LDT for a Gadani delivery (with Sellers having the option to declare a USD 434/LT LDT price 'as is' Fujairah with only minimal bunkers).
The other sale concerned the capesize bulker RAM PRASAD (19,492 LDT), with the Danish build, full spares and 350 T bunkers all contributing to the extremely firm price of USD 440/LT LDT on show.
Source: steel guru. 26 November 2013