The market of the moment continued to perform this week with a number of market sales to report at firming numbers.

The root of the improved levels can be seen in a currency that has made some dramatic gains over recent days with the Indian Rupee trading finally down to INR 52 to the Dollar compared to INR 57 of previous months.

Many end buyers, emboldened by such gains, have decided to dip their toes back into the market and acquire tonnage at these improving rates.

Two similar sized capesize bulkers were sold this week - destination most likely India at this time. The GS BEAUTY (19,050 LDT) from Korean owners was sold for USD 391/LT LDT 'as is' Singapore with 150 T bunkers ROB whilst the Ukrainian owned PHOENIX (17,898 LDT) was sold for an incredible USD 420/LT LDT for a full range delivery in December with the speculative cash buyer taking a punt on the market moving yet further in the months to come.

The bulker OCEAN KING (9,715 LDT) fetched a decent USD 415/LT LDT whilst the container ATLANTIC TRADER (7,376 LDT) earned USD 425/LT LDT with some unconfirmed reports claiming this was an 'as is' price Singapore with sufficient bunkers for the voyage to WC India.

Source - GMS Weekly

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