"This has prompted end recyclers to put forward more prominent inquiries and cash buyers quoting back closer to the USD 600 $/per ldt number once again for market tonnage. It is worth noting that we are still in a precarious position due to the local currencies against the US dollar across all the Indian sub-continent areas, and this could affect the market at any time, with VLCCs being quoted 30/40 dollars below other smaller units due to the large outlay and lack of financing available to fund such large LDT units."

The shipbroker added that "Bangladesh once again feels the firmest market with mixed signals coming from Pakistan as to how aggressive they are for tonnage, especially as cash buyers still feel wounded from the recent round of re-negotiations they encountered from the waterfront in Gadani and may feel hesitant to engage with the local end buyers,"

Separately, Allied Shipbroking declared that "with a fair number of transactions taking place under the current unfavorable conditions in the ship recycling market, the markets performance recorded an improvement driven by the slight rises and stabilisation that took place in steel prices in the Indian SubContinent,"

"Nevertheless, market sentiment and forward outlooks remain discouraging as the effects of difficult weather conditions being in the midst of the monsoon season, combined with weakening local currencies, continue to have a negative overall impact to the already sluggish Bangladeshi and Indian markets."