India grabs almost all breaking S&P
ALMOST all ship demolition sales are going to India, as prices in Bangladesh and China continue to languish.

Average Indian ship scrap prices remained about $410 per ldt for bulkers and $15 to $440/ldt for tankers last week.

Prices in Pakistan, which take the lead from India, were steady at $405/ldt for bulkers and $435/ldt for tankers. In Bangladesh, where opening letters of credit remain problematical, prices are still languishing at $390/ldt for bulkers and $420/ldt for tankers.

Among ships sold for demolition in India were Antares Shipmanagement¡¯s 1991-built Capesize bulker Reunion, which fetched $6,889,141 or $397/ldt on an 'as is' basis in Singapore, and Iolcos Hellenic Maritime's 1982-built Panamax bulker Iolcos Glory, which fetched $5,484,392 or $428/ldt.

Two ships owned by Albamar Shipping fetched firm prices due to the availability of spares. Kimon A, a general cargo ship and Titan, a bulker that were both 1983-built, fetched $2,440,753 or $431/ldt and $3,662,497 or $437/ldt.

Frontline's 1991-built oil and bulk carrier Front Driver fetched $9.4M or $400/ldt, with 200-300 tonnes of bunkers remaining on board. TBS continued its restructuring with the sale of the 1984-built Handysize bulker Biloxi Belle for $3,141,948 or $428/ldt.

Just one sale was reported to China, which is resuming purchases after the one-week National Day holidays. Prices there average $340/ldt for bulkers and $350/ldt for tankers.

Major cash buyer Global Marketing Systems observed that with prices in Bangladesh remaining unattractive, it is now feasible to bring geographically positioned ships to China.

"A market that has been starved of tonnage for the past few months suddenly roared back into action this week, with prices pushing on by some $20-30/ldt at least," said GMS.

The only sale reported to China last week was that of Arpeni Pratama Ocean Line's 1986-built Panamax bulker Indrani, which fetched $3,445,275 or $355/ldt.