Ship recycling is increasingly becoming a buyer's market, as there is no let-up in the number of bulkers being sold for demolition while the imminent South Asian monsoon season would discourage scrapping activity.

Following the recent buying of Capesizes and with many vessels arriving for beaching over these previous few tides, the market in Bangladesh is expected to stay relatively quiet for at least a month.

In India, the rupee has once again weakened, trading at INR64 (USD1) and discouraging ship buying.

Two deals were done that belied the worsening local sentiments, Bertling Reederei's 1997-built container-bulker Toscana was sold for US$4,656,894 or US$407/ldt; while Scarvelis Shipping's 1987-built Handysize bulker OK I fetched an impressive US$3,410,505 or US$405/ldt.

With capacity still excellent locally and only selected vessels proceeding to India, it will be interesting to see how the next few weeks develop and whether this week's drama is part of a larger developing malaise.

Pakistan is therefore the sole market of focus at present, but it is not exactly bullish, with five more Capesize bulkers sold last week and end buyers starting to dwindle, said Global Marketing Systems.

While prices remain at US$380-390/ldt for bulkers in India, Pakistan, and Bangladesh, levels could come off by US$10-15 in the coming weeks, estimated GMS.

In Pakistan, the most eye-catching of the Capesize sales was that of Vale's 1990-built Ore Mutuca was said to be sold for US$7,661,184 or US$421.50/ldt. However, the deal may not go through as the sales and purchase agreement is reportedly unsigned.

Greek owner Nicholas G Moundreas offloaded yet another Capesize, selling the 1996-built NGMSailor for US$10,053,318 or US$418/ldt.

Zhong Yuan Shipping offloaded its 1993-built Capesize bulker Chikuzen 8 for US$7,292,430 or US$405/ldt.