Ship Recycling News
Following the sale of
Capesize bulkers for recycling last week, the trend has continued this week as
well, with further transactions reportedly taking place on units – including
Capes and a Suezmax tanker, as the market finally shows signs of life after an
absolutely inert summer.
All of the major Ship
Recycling destinations are still poised rather precariously, and Pakistan has
seen some further depreciations on the currency towards the end of this week,
whilst the country continues to battle floods, shortage of essentials, and the
increasing spread of water-borne diseases, as thousands have perished in the
floodwaters. Bangladesh too remains somewhat tentative, with limits on higher
dollar value L/Cs still in place, local steel plate prices that took a noteworthy
dive this week, and a Taka that seems to have found its stable place this week.
India has experienced
(marginally less) volatile moves on steel across the week and remains the
safest destination to deliver at present. Following an incredibly quiet 3 - 4
months of inactivity, there are signs of demand gearing up across sub-continent
locations as most plots lie nearly dormant. Lastly, the Turkish market faces
its own dithers this week, with further declines on fundamentals that are
burying sentiments even further into the rut.
Overall, chartering markets
have deprived recycling destinations of most tonnage, but Dry Bulk has recently
started to cool off (particularly the Capesize Bulker sector), whilst
Containers are also showing signs of softening, all while Tanker rates continue
to shoot onwards and upwards.
It should hopefully be a
busier finish to the year, as Owners look to capitalize on these still firm
levels, despite the USD +100/LDT fall we have seen since the peaks of earlier
this year. Rates in and around USD 550 – USD 600/LDT are still incredibly firm,
given the lows we had witnessed of USD 250/LDT or so, during the early stages
of the Covid pandemic.
For week 36 of 2022, GMS demo rankings / pricing for the week are
as below.
Demo
Rank |
Location |
Sentiment |
Dry
Bulk USD
/ LDT |
Tankers USD
/ LDT |
Containers USD
/ LDT |
1 |
Bangladesh |
Weak |
570 / LDT* |
580 / LDT* |
590 / LDT* |
2 |
India |
Weak |
560 / LDT |
570 / LDT |
580 / LDT |
3 |
Pakistan |
Weak |
550 / LDT |
560 / LDT |
570 / LDT |
4 |
Turkey |
Weak |
240 / LDT |
250 / LDT |
260 / LDT |
To read the remainder of the GMS WEEKLY, please visit.
Other Metal News
Metal Prices in Decline - Supply Fears Heighten - MetalMiner
Taiwan's Feng Hsin keeps rebar, scarp, section steel prices flat this week - Yieh Corp Steel News
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