GMS Market Commentary on Ship Breaking in Week 01 – Good Start

World's leading cash buyer of ships for recycling GMS said that it has been an excellent start to 2021 for the international ship recycling industry, as steel
GMS Market Commentary on Ship Breaking in Week 01 – Good Start
Ship BreakingDaily Sabah

World's leading cash buyer of ships for recycling GMS said that it has been an excellent start to 2021 for the international ship recycling industry, as steel gains have pushed the markets on again, particularly in a resurgent Bangladesh, which tops the leader board by some distance and for another week. Following the ban on iron ore imports from Australia, China has started to import scrap steel from international markets once again and this can be partially attributed to some of the stunning rates on show. The roll out of Covid-19 vaccines across the world has also brought some optimism back to global markets as well, even though the virus continues to surge in the US, UK and other parts of Europe. GMS said “That we may be over the worst of this pandemic cannot be said though, with record cases and deaths still being witnessed with this new more transmissible strain in the UK, in particular. It will certainly take some time before a relative sense of normality begins to return, particularly when it comes to travel, quarantine, and potential delays on as is take overs of vessels.”

GMS added “Demand remains good across all locations, and as we head over the USD 450/LDT mark, many owners are now tempted to sell for recycling, despite some impressive charter rates being seen in different sectors. How much longer some of these firmer rates last, remain to be seen. However, with BWTS set to be installed on a whole raft of vessels, expect another busy year in recycling markets.”

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