Read Demo Weekly July 28 text version

SOMAP

>>>>THE RELIABLE SOURCE FOR DEMOLITION NEWS

VOL IV, ISSUE 30 FOR THE WEEK ENDING JULY 28, 2006

>>>>Truth knows no bias

>>TREND WATCH

AUGUST ANGST

HERE'S NOTHING TO GLADDEN our hearts. As we write this, we are already into August and except for gloomy news like monsoons wreaking havoc in the western parts of India and Pakistan readjusting prices vis-àvis fall in imported billets' price are doing the rounds. There's continued lack of fresh tonnage over several weeks now making things worse for the breakers and everyone connected to the demo field. Though rupee is faring well against US dollar, there hasn't been any good news regarding local steel plate prices in Alang either. Overall, we could say that while cash-buyers are ready to take the risk staking high, the question everyone seems to be asking is where are the vessels? That is the reason any mention of a potential demo candidate raises high hopes. Need we say, high bids, too? Though there are several such ships on the cash-buyers' radar, one that has been attracting tremendous attention is the panamax bulker M. V. Yoki. It's been a couple of weeks now when the news of the 17,790 lwt vessel first surfaced. There's no doubt the vessel would attract good money, but it's strange that nothing concrete has been reached so far. If the latest reports regarding the vessel are to be believed, the owners have said ta-ta to the demolition field and are said to be looking for a trading partner. This is when the ship was reportedly being offered in the region of US$370! Let's see how far does trading take the vessel. Now, Yoki is not the only one doing the trading rounds.

T

No news is good news at a time when noting seems to be falling in place. Scarcity of tonnage continues while trading guys would give anything to keep end-of-life ships sailing some more time

MORE UP AHEAD> > >

JULY 28, 2006

>>>CONTD FROM PAGE 1

>> TREND WATCH

AUGUST ANGST

NOTHER VESSEL, THE SINGAPORE controlled General Cargo vessel Krabi Navee (6,561 lwt), which was up for demo grabs sometime during middle of last week, has been getting quite a glad eye. The news regarding Krabi Navee is that its owners might also take the trading route as they are being offered Close to US$2,800,000 on as-is-basis, which come to a whopping US$426! Now, which demo player would loosen purse strings to match this price? On top of that, the owners aren't giving much time for inspection either. Besides Yoki and Krabi Navee, two more vessels _ Bulgarian controlled M/V Bulgaria and M/V Vesletz are also there for bidding. Just to keep in mind, the tender for both ships has been fixed for end-August. Now we have to see whether these ships finally get the demo axe or there is still some time left for them to sail.As mentioned earlier, drop in imported billets' price across the border and firming up of the rupee against the dollar doesn't seem to be helping the Indians, who continue to fall behind Bangladesh and Pakistan. The only country with an advantage is Bangladesh, which has pulled up its socks after losing a couple of vessels to Pakistan. Talking of Bangladesh, there's sad news for the Somap family. There is obviously no good time or way for someone whom you care about to die. On the blessedly few occasions when we have had to write to convey our condolences, we have always been at a loss for words. And if that person happens to be someone real close, it becomes all the more difficult to express your feelings. So it is with a heavy heart that we say goodbye to A. B. M. Shahabullah, a very dear friend and colleague heading Somap operations in Bangladesh, who passed away on July 24. A nice and gentle soul, his absence is a personal loss to the Somap family. What we are feeling right now is hard to put into words. We will all miss him; he touched so many of our lives. May God bless the departed soul!

DEMOGRAPHICS

A

NOTE: Somap Demo Weekly comes to you without any bias or prejudice. Somap Demo Weekly does not guarantee the accuracy of the information contained in its email news bulletin nor does it accept responsibility for errors or omissions or their consequences. It is compiled in good faith but opinions expressed herein are not necessarily those of Somap Demo Weekly. Prices, wherever mentioned, are not necessarily accurate. This e-mail is © copyright of Somap Demo Weekly.

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Demo Weekly July 28