GMS Market Commentary on Ship Breaking in Week 04

World's leading cash buyer of ships for recycling GMS said that “After a few rotten weeks of constant declines across sub continent markets, thankfully,
GMS Market Commentary on Ship Breaking in Week 04
Ship BreakingMore Than Shipping

World's leading cash buyer of ships for recycling GMS said that “After a few rotten weeks of constant declines across sub continent markets, thankfully, last week appears to have brought with it a modicum of stability. Moving forward, the hope is that this will build a platform for market improvements, having recently lost about USD 50 /LDT on vessel prices. Fundamentals also appear to be pointing in the right direction and some encouraging gains on steel prices have been seen, especially in Bangladesh. Steel had tumbled off the back of mills refusing to buy product at the much higher prices seen during the surge at the start of the year. And after local elections in Chattogram last week, all eyes will be on whether local buying resumes at sensible and realistic levels once again in the coming weeks.”

GMS said “Much of the USD 50/LDT lost from steel prices has since recovered. As such, some of the lower levels on show do not jive with the current sentiment, as demand in Bangladesh also remains firm. Following a somewhat barren last few months with minimal sales of note and despite marginally weakening steel plate prices this week, Pakistani Buyer’s remains keen on new units, with demand and pricing building up in Gadani once again. Wrapping up the subcontinent markets is India, where this market has endured another negative and confusing week, losing further ground to their sub-continent competitors, as steel prices continue to prevaricate to an alarming degree locally. Finally, fundamentals in the Turkish market, like in India, have suffered another week of declines, with prices for vessel rolling back another USD 10/MT last week again.”

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