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voda 2 april 2018 16:25

0

Ukraine not buying coal, steel produced in occupied part of Donbas - Zhebrivsky

Interfax quoted head of the Donetsk regional civil and military administration, Pavlo Zhebrivsky as saying that coal produced in non-government controlled areas in Donetsk region is supplied to Russia, as well as some enterprises that continue to work in certain areas of Donetsk region. Mr Zhebrivsky told the 112 Ukraine television channel that "Yenakiyeve Iron and Steel Works aunched, and Makiyivka Metallurgical Plant is running a bit. Some mines such as Komsomolets Donbasu, Skochynsky mine, Zasiadko mine, are producing some very serious coals. They also launched some coke and chemical plants. In principle, coke is supplied to metallurgical factories of temporarily occupied Donetsk region and to Russia,"

At the same time, he expressed doubt that this coal enters Ukraine. He said that "Even if Ukraine takes anthracite coal from Russia, customs officers check it on the border, and it is possible to distinguish between anthracite coal extracted on the territory of temporarily occupied Donetsk region and in the territory of Rostov or other regions of Russia."

Mr Zhebrivsky stressed that laboratory studies had not currently confirmed any fact of the entrance into Ukraine of Russian coal extracted in the occupied territory.

He added that "These are also no metallurgical products [that enter Ukraine] since they actually come to Turkey and were also supplied to Poland.”

According to Zhebrivsky, "after a serious scandal" Poland stopped purchasing coal from occupied Donbas through Russia.

Source : Interfax

Bijlage:

voda 2 april 2018 16:25

0

Tata Steel announces production results for Q4 and 2017-18

Tata Steel Ltd has announced the production and sales performance for Q4FY18 and financial year Apr 2017 - March 2018. The company has produced 3.02 million tonnes in Q4FY18 (provisional) as against 3.13 million tonnes in Q4FY17 and 3.26 million tonnes in Q3FY18. The sale was at 3 million tonnes in Q4FY18 (provisional) as compared to 3.2 million tonnes in Q4FY17 and 3.3 million tonnes in Q3FY18. The production was at 12.26 million tonnes (provisional) during the period April 2017 to May 2018 as against 11.35 million tonnes during the period April 2016 to May 2017. The sale was at 12.13 million tonnes (provisional) during the period April 2017 to May 2018 as compared to 10.97 million tonnes during the period April 2016 to May 2017.

Tata Steel Jamshedpur
- Blast Furnaces achieved best-ever Hot Metal production in FY18 of 10.95 million tonnes (Previous best 10.83 million tonnes in FY17)
- Blast Furnaces achieved lowest best-ever coke rate of 349 Kg/thm in FY18 (Previous best 360 Kg/thm in FY17) and highest best-ever coal rate of 185 Kg/thm in FY18 (Previous best 181 Kg/thm in FY17)
- Best-ever Saleable Steel production of 9.78 million tonnes in FY18 (Previous best was 9.70 million tonnes in FY17)

Sales Highlights
- Achieved highest-ever annual sales of 12.13 million tonnes in FY18 and registered a growth of 11% against a market growth of ~5%.
- Achieved best-ever annual sales in Automotive sector and registered a growth of 21% in FY18 against an industry growth of 14% (mainly driven by 2 wheelers & 3 wheelers).
- Best-ever annual sales in Branded Products & Retail sector witnessing a growth of 9% in FY18 (y-o-y)
- Highest-ever annual sales in Value Added segments of Hot Rolled coupled with 2X growth in Engineering segment (over last year) of the Industrial products & construction business.
- TSL crossed, for the first time, the landmark of 1 million tonnes of annual exports in FY18.

Source : Strategic Research Institute

voda 2 april 2018 16:26

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Numetal offers to buy 70pct stake in Odisha Slurry Pipeline - Report

Live Mint, citing a person close to the development, reported that Numetal Mauritius has offered to repay all of the debt of Odisha Slurry Pipeline Infrastructure Ltd to get hold of a 70% stake from the firm’s current promoter, SREI Infrastructure Finance Ltd. The person cited above said the firm’s dues are in the region of INR 2,000 crore.

Odisha Slurry Pipeline has written to its creditors informing them about an “in principle” commitment received by it for clearing dues. The firm has agreed to settle all its outstanding dues on or before 30 April. The letter stated that “You are requested to confirm immediately the amount which would be due to you, as of 30 April 2018, and further confirm that immediately upon receipt of such payment, you will release all security interest over the assets of the company.”

If accepted by the lenders, the deal will save Odisha Slurry Pipeline from going into insolvency.

The bankers, however, are treading with caution as the asset is closely linked to debt-ridden Essar Steel, which is currently undergoing resolution under the insolvency and bankruptcy code. A banker close to the development on condition of anonymity said that “Receiving a proposal is one thing but accepting it may be difficult. The same set of lenders have rejected Numetal’s bid for Essar Steel and accepting Numetal’s proposal for clearing the debt of Odisha Slurry Pipeline may look arbitrary.”

Odisha Slurry Pipeline runs a 253km pipeline that is responsible for transporting about half the raw materials used by Essar Steel’s plant in Odisha.

Source : Live Mint

voda 2 april 2018 16:27

0

Tata Steel Dutch deal could derail ThyssenKrupp venture - Union

Reuters reported that a far reaching agreement between India’s Tata Steel and its Dutch unit could put at risk plans for a steel joint venture with Thyssenkrupp, the German group’s supervisory board vice chairman said. The deal has been criticised by German labour representatives who argue that the Dutch business will dodge responsibility in the new joint venture while the German sites would bear the brunt of the risks. Mr Markus Grolms, who also serves as trade union secretary at the IG Metall union, told Reuters that "Should the agreement for the Netherlands remain in place we will demand the same for us. But then a joint venture no longer makes sense because every unit would only act on its own."

He said he expected an investigation into all aspects and implications of the agreement.

Talks to get the joint venture plan underway have been challenging from the start, with workers at both groups with plants in Germany, Britain and the Netherlands fighting for deals to protect jobs and sites in the volatile steel sector.

Thyssenkrupp and Tata Steel last year announced plans to combine their European steel operations to create the continent`s second-largest player after ArcelorMittal, including up to 4,000 job cuts. In February, Tata Steel guaranteed its Dutch division could continue to operate as an independent company within the planned joint venture with Thyssenkrupp, with control over its own profits and an independent supervisory board.

Source : Reuters

voda 3 april 2018 21:13

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ArcelorMittal/NSSMC, Numetal/JSW and Vedanta bid for Essar Steel

It is reported that ArcelorMittal, Numetal and Vedanta have bid for the bankrupt Essar Steel, as the deadline for the second round of bids expired on Monday.

ArcelorMittal has teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) in its attempt to get control of Essar Steel. The two will jointly acquire and manage the Indian steel firm.

JSW Steel, which did not bid for Essar Steel in the first round, confirmed it was partnering Numetal Steel.

Vedanta is a new entrant in the fray.

The initial bids by ArcelorMittal and Numetal were disqualified in the context of the amendment to the Insolvency and Bankruptcy Code (IBC), which categorically states that promoters of defaulting companies cannot bid unless they repay all the outstanding loans before submitting their resolution plan.

Source : Indian Express

voda 3 april 2018 21:13

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TATA Steel confident of positive growth in FY 19

Daily Pioneer reported that ushering into new financial year (FY) 2018-19 Tata Steel global CEO and managing director Mr TV Narendran said that the steel industry is globally doing good and that the market is stable in India too. Mr Narendran said that "Indian economy has recovered from the impacts of demonetisation and GST. The consumption of steel has started growing. We are looking forward to a good year ahead.”

He said the steel major has achieved the highest-ever annual sales of 12.13 million tonnes in FY 18 and registered a growth of 11 per cent against a market growth of 5%. Mr Narendran went on to say that they also achieved the best ever annual sales in automotive sector and registered a growth of 21% in FY18 against an industry growth of 14%.

Moreover, he said that the blast furnaces achieved the best ever hot metal production in FY18 of 10.95 million tonnes ( previous best was 10.83 million tonnes in FY 17)

He said that in the new fiscal year 2018-19 they would continue to increase efficiency of the blast furnaces and sinter plants at the Jamshedpur plant so as to augment the production from the present level of 10 million tonne per annum to 11 million tonne per annum. He added that " We will also focus on the second phase of Kalinganagar steel plant in Odisha which is a four year project with 5 mn tonne per annum capacity.”

Referring to a querry, Mr Narendran said that Tata Steel has already won the won the bid to acquire debt-laden Bhushan Steel and that it has accepted the Letter of Intent. He said they are waiting for the National Company Law Tribunal clearance for the takeover of the company.

Addressing queries, the managing director said that the company is focused on increasing productivity this financial year. The company will continue to take productivity to new levels.

Mr Narendran noted that “Over the years employee productivity has increased from 400 to 500 tonnes of crude steel to 740 tonnes of crude steel per full time employee, we want to continue improving with better performance.”

Source : Daily Pioneer

voda 3 april 2018 21:14

0

RP changes bidding rules to keep Ruias out of race for Essar Steel - Report

Economic Times reported that ahead of fresh bids for Essar Steel on Monday, the resolution professional (RP) has incorporated a "new legal addendum" in the request for proposal that may force VTB and other members of the Numetal consortium to exclude Rewant Ruia's Aurora Enterprise Mauritius from the grouping. The RFP prohibits any entity from transferring shares or management involvement directly or indirectly now or at any time in the future to the Ruias, or any connected persons. Any violation of this undertaking would lead to a cancellation of the bid and resolution plan.

The bidder will have to give an undertaking said that "(l/we) have not and no person controlled by (me/us) has as of the date of this declaration, entered into any arrangement (whether written or verbal, contractual or otherwise) with any member of existing promoter group..."

It said that "Any breach of terms of this declaration shall, amongst others, render the resolution plan ineligible (whether or not it has been approved by committee of creditors or adjudicating authority) and prior to such approval, the RP shall have the right to reject the resolution plan without any liability."

Source : Economic Times

voda 3 april 2018 21:15

0

Trump Trade War - Russia preparing response

TASS reported that the Russian authorities are preparing a response to the US decision to impose duties on steel and aluminum. Deputy Economic Development Minister Alexei Gruzdev said “Russia is closely following and fully participating in all these processes. We will form our official estimate and make relevant statements. I am not authorized to anticipate the government’s decisions, but they are being prepared.”

The Russian trade mission in the United States has actually closed up its operations and this will adversely affect trade and economic ties between the countries. He said “Certainly, this is challenging in terms of atmosphere, because functions were exercised through diplomatic missions, which include the trade mission also, when there was a need to help an entrepreneur from one country to find a partner in other country, assist with negotiations and give an expert opinion regarding the buildup of relations. Actual closing-up of activities of the trade mission in the US will definitely exert influence from this standpoint.”

In a show of solidarity with London’s stance over the reported poisoning of Sergei Skripal and his daughter in Salisbury, the United States declared 60 Russian diplomats personae non gratae on March 26, including Russia’s trade representative Alexander Stadnik. Russia responded with tit-for-tat measures.

Source : TASS

voda 3 april 2018 21:16

0

Upgrade
ArcelorMittal and Nippon Steel & Sumitomo Metal JV submits offer for Essar Steel

ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation announced that ArcelorMittal's subsidiary ArcelorMittal India Private Limited has submitted an offer in the re-bidding process for Essar Steel India Limited in connection with the joint venture between ArcelorMittal and NSSMC to jointly acquire and manage Essar Steel.

Mr Lakshmi Mittal, Chairman and CEO ArcelorMittal, said “The aim of the resolution process is to find a strong, new, capable owner for Essar Steel and maximize returns to creditors. We believe that ArcelorMittal, together with NSSMC, has the most relevant credentials and experience and is the most credible owner for Essar Steel given our decades of steel industry expertise, backed up by industry leading research and development and a wide range of innovative product capabilities. We are confident we are eligible; we are confident we have the strongest track record; and we are confident we have made a strong and competitive offer. At the heart of this offer is a compelling industrial plan that enhances and transforms the asset. The plant in Hazira is a big integrated steel-making facility that requires dedicated knowledge and technological expertise to de-bottleneck, grow and enhance its product portfolio. We plan to commit significant capital expenditure to grow the asset, inject our proprietorial patents and processes and bring new high-quality products for industries such as automotive and solar to India. "India has an ambitious goal to transform its economy and deliver a better standard of living for all its people. Developing its manufacturing industry is an important component of this journey as exemplified by the government's plan to expand the country's steelmaking capacity to 300 million tons. Supported by the right know-how and technology, Essar Steel is well positioned to play a part in this. Given our Indian heritage we would be proud to contribute to the country's future prosperity."

Mr. Kosei Shindo, President of NSSMC, said "India is the most promising steel market in the world, and NSSMC has been seeking opportunities to establish a significant presence in India, motivated by a long and successful history of respect and collaboration between Japan and India. This project, if implemented, will be consistent with the policy of the Japanese Government to further strengthen the relationship between India and Japan. The Japanese Government has been following the project and is looking for its realization. Essar Steel is a good asset with a lot of potential and I believe that NSSMC and ArcelorMittal could provide operational experience and access to the best of global technologies that will enable Essar Steel to reach its potential and greatly contribute to the turnaround of the Indian steel manufacturing sector. We believe NSSMC, together with ArcelorMittal, could help India achieve the National Steel Policy as well as the Make-in-India policy, as we have long been contributing to localization of steel production in other countries such as Brazil, USA, and many ASEAN countries by direct investment. I believe that the partnership between NSSMC and ArcelorMittal will provide important economic returns to Essar Steel's creditor banks, while substantially enhancing the prospects for a sustainable turnaround plan for Essar Steel and its employees, customers, suppliers and other stakeholders."

AMIPL first submitted a bid for Essar Steel on 12th February. On 2nd March, ArcelorMittal announced it had signed a joint venture agreement with NSSMC which will see the two companies co-own and co-manage Essar Steel in the event AMIPL's bid is successful.

Source : Strategic Research Institute

voda 3 april 2018 21:18

0

RP files Vedanta's resolution plan for Electrosteel

Business Standard reported that Electrosteel Steels’ resolution professional on Monday filed Vedanta’s resolution plan with the National Company Law Tribunal’s (NCLT’s) Kolkata Bench after the committee of creditors (CoC)declared it a successful applicant. Vedanta had informed the stock exchanges on March 31 that it had been declared a successful resolution applicant, following which it had received a letter of intent for Electrosteel Steels. Though Vedanta had not disclosed the bid value, it was believed to have offered INR 55 billion. Electrosteel owes INR 103 billion to banks.

Renaissance Steel India will file an application raising objections to the decision of the CoC on the eligibility of Tata Steel and Vedanta. It will also oppose the resolution plan of Vedanta. The matter will be heard on Wednesday. However, there is no stay on the procedure of the application.

Source : Business Standard

voda 3 april 2018 21:19

0

GMS Market Commentary on Shipbreaking in Week 13 - WHAT GOES UP

The anticipated and feared price decay seems to have truly set in this week, with constant declines across all recycling locations – evidence that what goes up eventually comes down! The ongoing uncertainty surrounding the reopening of the Pakistani market is also causing increasing consternation among local markets and Cash Buyers alike, who presently have a healthy collection of unsold vessels in hand that were previously committed at sky-high speculative prices and are now at risk of failing or facing significant losses.

The depreciation of the Pakistani Rupee, declining local steel plate prices in India & Turkey and fears over the impact of the new US tariffs on steel import and other Chinese products are all conspiring to dampen previously bullish enthusiasm and depress prices even further.

With demand and the number of available end Buyers who are capable of opening large LCs (particularly of VLCC size) starting to rapidly dwindle, it was no surprise to see prices on subsequent units falling at least USD 15 – USD 20/LDT below those done last week.

A healthy majority of Cash Buyers now have their hands full with (primarily) wet tonnage. Moreover, with hot works cleaning on the recent large LDT tankers / VLCC sales being on Buyers account (which can take almost a month to complete on the larger LDT units), it is expected to take some time before these onward sales are finalized, allowing Cash Buyers to get back in the buying once again.

Monsoon is around the corner once again (towards the end of May) so any future purchases will likely be facing the usual end Buyer aversion to purchasing and importing new tonnage over the rainy season.

Source : GMS Weekly

voda 3 april 2018 21:20

0

Olympic Steel acquires Berlin Metals

Olympic Steel Inc, a leading US metals service center, announced that effective April 2, 2018, it has acquired the assets of Berlin Metals LLC, based in Hammond, Indiana. Terms in the all-cash deal were not disclosed.

With approximately $50 million in annual sales, Berlin Metals was founded in 1967 and is one of the largest North American service centers processing and distributing prime tin mill products and stainless steel strip in slit coil form. The Company is also a supplier of galvanized, light gauge cold rolled sheet and strip; and other coated steels in coil form, to customers in the building products, automotive, and specialized industrial markets.

Source : Strategic Research Institute

voda 3 april 2018 21:24

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JSW ties up with Numetal for Essar Steel bid - Report

Times of India reported that JSW Steel, which was disallowed to participate in the second round of bidding for Essar Steel as it had not submitted an expression of interest in the initial round, has teamed up with Russia’s VTB Capital-led Numetal to acquire the bankrupt company.

The 25% stake held by Rewant Ruia, son of Essar Steel’s co-founder Ravi Ruia, has been bought by Numetal’s two existing investors, TPE of Russia and Indo International of UAE. JSW said it has joined Numetal in the capacity of an investor but didn’t reveal its equity interest in the Mauritius-based company.

Source : Times of India

voda 3 april 2018 21:25

0

Cleveland-Cliffs groundbreaking ceremony on April 5th for its HBI plant at Toledo in Ohio

Cleveland-Cliffs Inc announced that it will be holding a groundbreaking event on April 5, 2018 to celebrate the construction of its first hot-briquetted iron (HBI) production plant. The company is investing $700 million to build one of the world’s most modern and efficient iron making plants, generating a total of 130 new jobs in Toledo, Ohio. At peak construction, 1,200 people will be working on the site. The Toledo plant will produce 1.6 million metric tons per year of customized high-quality HBI, and will make Cleveland-Cliffs the sole producer of high-quality customized feedstock for the domestic electric arc furnace (EAF) steelmakers located in the Great Lakes region. Cliffs’ domestically produced HBI will supply a Great Lakes market currently estimated at 3 million metric tons, which is currently supplied exclusively by imports of commercial quality pig iron and HBI from countries such as Russia, Ukraine, Brazil and Venezuela, among others. Start-up of the plant is expected to happen in the summer of 2020.

Lourenco Goncalves, Chairman, President and Chief Executive Officer, said, “Today we are launching a new era for the iron and steel industry in the United States. As Cleveland-Cliffs begins the construction of the first hot-briquetted iron (HBI) production plant in the Great Lakes region, we are taking the initial steps to enable EAF steelmakers to produce the specs associated with high margin steels for sophisticated end markets, such as automotive and others.” Mr. Goncalves added: “For several decades, Cleveland-Cliffs has been supplying the American steelmakers in the Great Lakes with customized pellets to feed their blast furnaces. With the growth in participation of EAFs, it was just a matter of time for Cliffs to become a supplier of these important steelmakers. Our HBI will be for the EAFs the same great feedstock our taconite pellets are, and will continue to be, for our blast furnace clients.”

Source : Strategic Research Institute

voda 3 april 2018 21:26

0

US Steel reaches agreement with governments over spill at Midwest Plant

An agreement was filed in the Hammond Division of the United States District Court for the Northern District of Indiana between United States Steel Corporation, the United States and the State of Indiana resolving water violations with respect to the Corporation's Midwest Plant in Portage, Indiana, including those that occurred in April and October 2017. Under the Consent Decree that sets forth the terms of the agreement, US Steel's Midwest Plant will undertake substantial measures to improve its operations, minimizing the possibility for reoccurrence of similar incidents at the facility. US Steel will comply with the set of deliverables outlined in the agreement, ensuring that the commitment made to federal and state agencies is fulfilled while safeguarding the community and our shared natural resources.

US Steel is taking numerous steps to improve upon environmental standards, including: installing a new wastewater piping system and completing containment trench repairs; implementing new spill notification procedures; redeveloping the company's comprehensive wastewater Operations and Maintenance Plan; implementing a more comprehensive Preventive Maintenance Program Plan; and identifying and evaluating available enhanced wastewater monitoring systems that would promote early detection and alert the company of any potential incidents.

US Steel continually seeks opportunities for improvement in its environmental compliance program, and will apply lessons learned from this process to future operations company-wide.

Source : Strategic Research Institute

voda 3 april 2018 21:27

0

China to soon unveil 2018 steel overcapacity cut plan

Chinese newspaper 21st Century Business Herald reported the plan for excess capacity reduction in China's steel sector in 2018 is likely to be published in the near future by the country's top economic planner and the industry ministry.

The paper said that the 2018 working plan includes tasks such as preventing the production resumption of low-grade steel products and promoting M&A in steel sector.

Source : Kitco

voda 3 april 2018 21:28

0

Australia drops anti dumping duty on steel rod in coils from Korea and Vietnam

On 7 June 2017 , Mr Dale Seymour, the Commissioner of the Anti Dumping Commission, initiated an investigation into the alleged dumping of steel rod in coils (the goods) exported to Australia from the Republic of Indonesia (Indonesia), the Republic of Korea (Korea) and the Socialist Republic of Vietnam (Vietnam), following an application lodged by OneSteel Manufacturing Pty Ltd (now trading under the business name Liberty OneSteel) (OneSteel) under subsection 269TB(1) of the Customs Act 1901 (the Act).

As a result of his investigation

1. The goods exported from Indonesia by PT Ispat Indo were dumped but by a margin of less than 2 per cent, and therefore I have terminated the investigation in accordance with subsection 269TDA(1) in so far as it relates to PT Ispat Indo;

2. The goods exported from Vietnam were not dumped, and therefore I have terminated the investigation in accordance with subsection 269TDA(1) in so far as it relates to Vietnam;

3. There has been dumping of the goods by all other exporters from Indonesia and all exporters from Korea, but the injury, if any, to the Australian industry that has been, or may be, caused by that dumping is negligible and, therefore, I have terminated the investigation in accordance with subsection 269TDA(13) of the Act so far as it relates to all remaining exporters.

Termination Report No. 416 (TER 416), which sets out reasons for the termination decision including the material findings of fact or law upon which the decision is based, has been placed on the Commission’s public record.

Source : Strategic Research Institute

voda 3 april 2018 21:28

0

Tata Steel to pay INR 35,200 crore cash for Bhushan Steel

PTI reported that the counsel for the Committee of Creditors (CoC) informed NCLT on Monday that Tata Steel has offered INRs 35,200 crore in cash and conversion of the remaining debt of about INR 27,000 crore into equity to take over Bhushan Steel. Senior advocate Ravi Kadam told NCLT that the creditors would get 12.27 per cent equity in Bhushan Steel

He informed NCLT “Tata Steel is the highest bidder (H1) offering an upfront payment of INR 35,200 crore. Remaining debt would be converted into equity. Financial creditors would get 12.27 per cent of equity of the corporate debtor (Bhushan Steel) subject to SEBI approval.”

He added “As of February 1 this year Bhushan Steel had a total debt of INR 57,160 crore. The company has a financial debt of INR 56,051 crore and operational debt of INR 1,050 crore.”

He further informed that Bhushan Steel has a liquidation value of INR 14,541 crore.

Tata has also offered INR 1,200 crore to its operational creditors depending on the criticality to run the company.

Source : PTI

voda 3 april 2018 21:29

0

SAIL and RINL spent INR 7,804 crore on annual maintenance of plants – Minister

PTI reported that Minister of State for Steel Vishnu Deo Sai told Lok Sabha "SAIL and RINL spent an average of about INR 7,804 crore annually on maintenance of plants in the last three financial years. He told "The average annual expenditure on maintenance of different plants (including maintenance of equipment) of SAIL and RINL during the last three financial years was about INR 6,650 crore and INR 1,154 crore, respectively.”

Mr Sai said both PSUs have taken a number of steps including safety awareness drives, regular inspection and mandatory training to check accidents.

Source : PTI

voda 3 april 2018 21:30

0

GMS Market Commentary on Shipbreaking in Week 13 - WHAT GOES UP

The anticipated and feared price decay seems to have truly set in this week, with constant declines across all recycling locations – evidence that what goes up eventually comes down! The ongoing uncertainty surrounding the reopening of the Pakistani market is also causing increasing consternation among local markets and Cash Buyers alike, who presently have a healthy collection of unsold vessels in hand that were previously committed at sky-high speculative prices and are now at risk of failing or facing significant losses.

The depreciation of the Pakistani Rupee, declining local steel plate prices in India & Turkey and fears over the impact of the new US tariffs on steel import and other Chinese products are all conspiring to dampen previously bullish enthusiasm and depress prices even further.

With demand and the number of available end Buyers who are capable of opening large LCs (particularly of VLCC size) starting to rapidly dwindle, it was no surprise to see prices on subsequent units falling at least USD 15 – USD 20/LDT below those done last week.

A healthy majority of Cash Buyers now have their hands full with (primarily) wet tonnage. Moreover, with hot works cleaning on the recent large LDT tankers / VLCC sales being on Buyers account (which can take almost a month to complete on the larger LDT units), it is expected to take some time before these onward sales are finalized, allowing Cash Buyers to get back in the buying once again.

Monsoon is around the corner once again (towards the end of May) so any future purchases will likely be facing the usual end Buyer aversion to purchasing and importing new tonnage over the rainy season.

Source : GMS Weekly

Vertraagd	10 jun 2024 17:38
Koers	23,290
Verschil	-0,110 (-0,47%)
Hoog	23,450
Laag	23,020
Volume	2.239.679
Volume gemiddeld	2.699.557
Volume gisteren	3.200.862

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