With prices once again pushing on to Indian sub-continent levels, it was no surprise to see the Chinese market snap up one or two vessels positioned in the area and from local owners.
The Danish built panamax bulker ZHUSHUI 8 (12,250 LDT) was sold for USD 365/LT LDT into South China whilst the Taiwanese owned MR Tanker EAGLE STRAIT (7,738 LDT) fetched an impressive USD 384/LT LDT for delivery in the North (Shanghai area).
After the lull in activity that beset the industry several months ago, it appears as if the Chinese market is finally back on its feet and ready to buy / compete at aggressive levels.
Expect therefore to see one or two more sales completed before the end of 2012 as yards look to stock up on tonnage before licenses are to be renewed around the Chinese New Year period.
