relying on the lottery system / below-market prices on offer from the cartel, that saw them secure nearly no vessels during their relatively short-lived existence. From October 21 to November 21, a few powerful local Buyers had tried to commandeer the market and control prices in their favour, at a time when both India and Pakistan were kicking on, leaving Bangladesh trailing in their wake and doing very few deals. Demand in Bangladesh has been growing steadily and so it is no surprise that at the latest association meeting, they have decided to end it all and go back to the normal free market ways as certain End Buyers had already started to privately offer on tonnage being proposed from Cash Buyers that were potential Chittagong candidates.
As the dearth of units continues, both India and Pakistan have also seen demand and fundamentals improve of late and it now seems that it may only be a matter of time before we start seeing USD 400/LDT breached on select units.
Finally, after last week’s noteworthy improvement in the Lira and the fixing of several semi-submersible units, the Turkish market sailed through the week with no noteworthy news to report, especially as domestic fundamentals reported no major changes this week.