Despite yards being empty for the best part of the last year, there was no explosion in levels to report, with prices staying mostly in line (if not just above) what India and Pakistan were paying. In other words, bulkers were seeing high 400s with tankers just over USD 500 per tonne, this was not the big boom that many cash buyers and brokers were expecting and as a result, hopes may have to be tempered across the board.
It may as well take some time for local buyers to digest and start implementing the statutes of the order with perhaps months even before the cutting process can even start taking place. However, with the main judge having signed, the second judge having ratified, and the Director General of shipping similarly putting his seal of approval on proceedings, it is very much clear to the respite of many that the industry is back for good.
India and Pakistan continued their pre-monsoon binge on units with several more market sales to note and China is perhaps set for an improvement given the levels on otter elsewhere and the fact that many yard are now starting to empty after the busy start to the year that they enjoyed.
