10 July 2020
Source: GMS Leadership
All subcontinent locations have enjoyed several weeks of positivity, as sales have and continue to take place at increasingly firm numbers. VLOCs, containers of all sizes, and PCTCs have been the flavor of recent times, as the dry bulk market has been resurgent of late and tankers rates continue to post good numbers (despite some recent significant declines in wet charter rates).
As such, all markets have managed to secure their share of tonnage, with India being mostly reliant on HKC green tonnage as they are no longer competitive on market vessels, given the much better placed Pakistani and Bangladeshi markets that have been surging ahead (in terms of prices) of late.
Indeed, several sales into Pakistan over the past week(s) seemed to defy belief as one container vessel was sold for a whopping USD 344/LT LDT and a bulker achieved similarly impressive numbers approaching USD 340s/LT LDT. These deals can be explained as individual Buyers jumping back in to secure their favored type / sized units to satisfy their LC / bank limits, having been out of the buying for well over two years now.