GMS Market Commentary on Ship Breaking in Week 22
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GMS Market Commentary on Ship Breaking in Week 22

World's leading cash buyer of ships for recycling GMS said that “A greater degree of caution seems to have entered the market this week, both on the

World's leading cash buyer of ships for recycling GMS said that “A greater degree of caution seems to have entered the market this week, both on the Cash and End Buyers sides, as some of the more bullish offerings seen over the past few months begin to gradually subside. Forward steel prices seem to suggest a decline over the summer & monsoon months and along with upcoming budgets in both Bangladesh and Pakistan, this is sure to put a damper on some of the overzealous numbers seen recently. On the far end, Turkey remains steady, however, with a weakening Lira, there are increasing fears of possible declines in levels in the coming weeks.”

GMS said “Covid-19 continues its unstoppable surge across India and the sub-continent, as well as resurfacing virus mutations across Asia and Europe once again, as any hopes of a swift end to this pandemic saga are highly unlikely, despite the increasing rate of global vaccinations. This means crew repatriation in sub-continent locations, with certain crews not being allowed, and ‘as is’ take overs, especially in the Far East, have become increasingly challenging as borders close and restrictions increase at present.”

GMS added “However, there are positive signs on the horizon as demand into all locations remains good, and a recent slowdown in tonnage means that fewer vessels are being offered for sale into a market that is still holding steady and the lack of supply can only mean increased demand and steady / firmer prices.”

India/Bangladesh/Pakistan – Week 22, Unchanged WoW

Dry Bulk – USD 500-540 per LDT

Tankers - USD 510-550 per LDT

Containers - USD 520-560 per LDT

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