GMS Market Commentary on Ship Breaking in Week 14
Ship BreakingEuroShore

GMS Market Commentary on Ship Breaking in Week 14

World's leading cash buyer of ships for recycling GMS said that “The nationwide lockdown in Bangladesh has been extended until the evening of

World's leading cash buyer of ships for recycling GMS said that “The nationwide lockdown in Bangladesh has been extended until the evening of April 13th as Covid-19 cases continue to worryingly escalate in the country, whilst Bhavnagar on the other side has also imposed a curfew of its own, following the lockdown imposed in the state of Maharashtra last week, possibly affecting the international departures of incoming crew. Getting vaccines administered to the bulk of the population across the sub continent could not come quickly enough as ICU units are starting to fill up once again as cases continue to rise exponentially. Parts of Europe are similarly facing a grim predicament of their own, just as the UK and the US start to open up parts of the economy again, following successful vaccine rollouts in these respective nations. Notwithstanding, recycling markets remain well-positioned, even if ship deliveries and beachings could be delayed due to the recently imposed lockdowns in Bangladesh and India.”

GMS said “There remains a paucity of units for sale and demand is starting to ramp up once again, especially in Pakistan, which has lost a majority of the larger LDT units that have been committed for recycling so far this year, to their Chattogram competitors.”

GMS added “If the lockdowns persist for several more weeks, this will lead to steel stockpiling on yards as End Buyers are unable to shift their product and this may in turn lead to a downturn in prices. For the time being however, levels and demand continue to hold at these impressive numbers in the mid-to-high USD 400s per LDT.”https://euroshore.com/sites/euroshore.com/files/styles/portfolio_900xauto/public/ship-dismantling-1.png?itok=bNnPVyKY

Related Stories

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