GMS Market Commentary on Ship Breaking in Week 15 - COVID CHAOS
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GMS Market Commentary on Ship Breaking in Week 15 - COVID CHAOS

World's leading cash buyer of ships for recycling GMS said that “The increasingly growing concern last week has been the number of mounting

World's leading cash buyer of ships for recycling GMS said that “The increasingly growing concern last week has been the number of mounting Covid-19 cases across the sub-continent, especially in India, where the country hit a daily record infection rate of over 200,000 cases per day, placing an increasing pressure on an already strained healthcare system that is fighting to keep up with the number of sick. There is talk in India of another nationwide lockdown, as only the worst hits states & provinces are under quarantine at present, with residents urged not to leave their homes and further limited working hours are being mandated across many sectors. Oxygen supplies across the country are being diverted away from recycling yards to hospitals in India and only a handful of yards remain operational as steel prices have artificially shot up this week, due to a lack of production.”

GMS said “Bangladesh too has seen its domestic cases rise again as the country endures another potential period of lockdown, which is set to last for another week as the Bangladeshi government strives to bring the exponential spread under control. The holy month of Ramadan is now underway in Bangladesh and Turkey. Yet, despite this and Covid-19 lockdowns / restrictions resulting in reduced port / agent activity and banking hours, demand and pricing remain firm for those market units (mostly tankers and offshore) that are available.”

GMS concluded “Amidst this worrying backdrop, it has been another busy week in the recycling markets with several deals being done at impressive levels, as owners take advantage of the surging steel prices and decent demand for prompt pre-monsoon units.”https://knect365.imgix.net/article/images/cacheable/4ea7c2f3-c33f-4cbe-bfe9-a5e4b6b9f7bc-featured-199f328451fe77fe9f4a2c31ba7c2557.jpg?auto=compress&fit=max

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