GMS Market Commentary on Ship Breaking in Week 13
Ship BreakingPioneer

GMS Market Commentary on Ship Breaking in Week 13

World's leading cash buyer of ships for recycling GMS said that “Rising Covid-19 cases across the sub-continent have led to further lockdowns in a number

World's leading cash buyer of ships for recycling GMS said that “Rising Covid-19 cases across the sub-continent have led to further lockdowns in a number of countries, especially as certain areas (as seen recently with much of Europe) suffer from, what now seems to be a third wave of the virus, despite the increasingly positive impacts being reported from the rollout of the various vaccines globally, in addition to the lockdowns. Even the Turkish market is reporting an exaggerated number of infections and fatalities of late, with the Turkish government considering drastic actions to curb the rising spread. As a result, short sharp 7-day lockdowns are reportedly coming into effect in Bangladesh and India from Monday (with Pakistan expected to follow suit) in addition to extended lockdowns in Turkey, in an effort to try and curb the continuingly and seemingly exponential spread of the virus and its emerging variants, while the various vaccine rollouts continues globally at pace. Insubstantial ICU space (as seen across Brazil of late) is part of the reason for these measures, as authorities try desperately to prevent further infections and fatalities, as a majority of the populous are increasingly required to stay at home during this period (except for emergency cases).”

GMS said “Notwithstanding, vessel deliveries and beachings will have to be managed on a far more selective and case by case basis, rather than using the “business as normal” approach seen for most of this year. Ship recycling activities will not be ceasing completely, but certainly yards are reportedly shutting down for the next 7 days, as labourers stay home and only the very essential of ship deliveries will be permitted to take place under certain conditions.”

GMS added “As such, as we enter a new phase of the pandemic in the global recycling markets, Ship Owners (both on an ‘as is’ basis to mobilize crews from countries like India) and for their delivered units, should be expecting a slower pace to activities and increased restrictions in the immediate future.”

No stories found.
SteelGuru Business News
www.steelguru.com