World’s leading buyer of old ships for recycling GMS said “As we reflect on the year gone by and look forward to a busier and healthier 2023 for the various recycling destinations, 2022 has been the lowest year for more than a decade across all ship recycling locations. All freight & dry sectors started to fly simultaneously at various points during 2022 and even the wet & tanker markets started rallying thereafter, and with stunning results. However, Container and Dry Bulk markets finally started to cool off towards the end of the year, and it is from these segments that we can anticipate seeing a majority of the recycling tonnage in 2023.” GMS said “Compared to previous years, a much smaller number of vessels have been beached in India during 2022, and it is a similar story in Pakistan, Bangladesh, and even Turkey, where local Recyclers have been likewise starved of tonnage.” GMS added “The financial situation in Pakistan as well as Bangladesh has started to become a real cause of concern to the industry, with governments in both countries now unwilling to sanction fresh LCs from their precious and dwindling US Dollar reserves.” GMS said “For the time being, the only sub-continent market of any reliability remains India, and whilst the supply of vessels remains mercifully low, prices are managing to hold up somewhat in Alang, while the number of small LDT arrivals at Chattogram’s waterfront has started to pick up in 2023. Unsurprisingly, 2023 seemed to have kicked off well in Turkey as well, as steel plate prices, both import and local steel, have reported noteworthy gains over the last couple of weeks, resulting in post-New Year prices jumping by nearly USD 40 per tonne, finally breaching USD 300 per tonne, certainly an impressive return to form.” GMS concluded “Overall, in order for levels to maintain their present buoyancy, bearing in mind the decade average on scrap prices of around USD 350 per LDT, we will need each market to be firing on all cylinders this year to absorb the expected influx of vessels that will surely be seen.” GMS demo rankings – India/Pakistan/Bangladesh – Week 01 unchangedDry Bulk – USD 500-520 per LDTTankers – USD 510-530 per LDTContainers - USD 520-540 per LDT
World’s leading buyer of old ships for recycling GMS said “As we reflect on the year gone by and look forward to a busier and healthier 2023 for the various recycling destinations, 2022 has been the lowest year for more than a decade across all ship recycling locations. All freight & dry sectors started to fly simultaneously at various points during 2022 and even the wet & tanker markets started rallying thereafter, and with stunning results. However, Container and Dry Bulk markets finally started to cool off towards the end of the year, and it is from these segments that we can anticipate seeing a majority of the recycling tonnage in 2023.” GMS said “Compared to previous years, a much smaller number of vessels have been beached in India during 2022, and it is a similar story in Pakistan, Bangladesh, and even Turkey, where local Recyclers have been likewise starved of tonnage.” GMS added “The financial situation in Pakistan as well as Bangladesh has started to become a real cause of concern to the industry, with governments in both countries now unwilling to sanction fresh LCs from their precious and dwindling US Dollar reserves.” GMS said “For the time being, the only sub-continent market of any reliability remains India, and whilst the supply of vessels remains mercifully low, prices are managing to hold up somewhat in Alang, while the number of small LDT arrivals at Chattogram’s waterfront has started to pick up in 2023. Unsurprisingly, 2023 seemed to have kicked off well in Turkey as well, as steel plate prices, both import and local steel, have reported noteworthy gains over the last couple of weeks, resulting in post-New Year prices jumping by nearly USD 40 per tonne, finally breaching USD 300 per tonne, certainly an impressive return to form.” GMS concluded “Overall, in order for levels to maintain their present buoyancy, bearing in mind the decade average on scrap prices of around USD 350 per LDT, we will need each market to be firing on all cylinders this year to absorb the expected influx of vessels that will surely be seen.” GMS demo rankings – India/Pakistan/Bangladesh – Week 01 unchangedDry Bulk – USD 500-520 per LDTTankers – USD 510-530 per LDTContainers - USD 520-540 per LDT
