World's leading cash buyer of ships for recycling GMS said that “Far from being the traditionally quieter summer / monsoon months, July and August have passed with marginally weaker, albeit still record numbers above USD 600/Ton and deals still being concluded, particularly in the beleaguered tanker and offshore sectors. There has been a minimal supply of tonnage from dry bulk and container owners, with the so-called ‘super cycle’ for both sectors still in full swing. Shipowners have been looking to cash in on their ‘older’ & ‘survey-due’ inventory, and in many cases, recycling prices have actually been surpassing secondhand levels in recent times, making the decision to scrap, relatively easy. There had been a slight wobble in the Bangladeshi market, with a USD 30/LDT correction in steel prices. Nevertheless, rates remain firm going into the final month of Q3 and there is plenty of capacity at sub-continent yards as hungry Recyclers look to take tonnage amidst the recent slowdown in supply.”GMS said “Vaccines continue their rollout at pace across the sub-continent and many are hoping that the worst of Covid-19 has now passed, having seen horrific caseloads and fatalities earlier in the year. Moreover, the spread of the even more contagious Delta variant is keeping concerns elevated, as most countries still have restrictions on incoming Indian crew or even sending their international crew to India and face possible delays during repatriation.”GMS concluded “Overall, prospects for the industry moving forward do remain stable to positive, as steel plate prices are the key driver for much of the bullishness, with China recently having announced that they will no longer export steel to the sub-continent markets.”GMS PricingIndia/Bangladesh/Pakistan – Week 35, CONSOLIDATING!Dry Bulk – USD 560-590 per LDTTankers - USD 570-600 per LDTContainers - USD 580-610 per LDT
World's leading cash buyer of ships for recycling GMS said that “Far from being the traditionally quieter summer / monsoon months, July and August have passed with marginally weaker, albeit still record numbers above USD 600/Ton and deals still being concluded, particularly in the beleaguered tanker and offshore sectors. There has been a minimal supply of tonnage from dry bulk and container owners, with the so-called ‘super cycle’ for both sectors still in full swing. Shipowners have been looking to cash in on their ‘older’ & ‘survey-due’ inventory, and in many cases, recycling prices have actually been surpassing secondhand levels in recent times, making the decision to scrap, relatively easy. There had been a slight wobble in the Bangladeshi market, with a USD 30/LDT correction in steel prices. Nevertheless, rates remain firm going into the final month of Q3 and there is plenty of capacity at sub-continent yards as hungry Recyclers look to take tonnage amidst the recent slowdown in supply.”GMS said “Vaccines continue their rollout at pace across the sub-continent and many are hoping that the worst of Covid-19 has now passed, having seen horrific caseloads and fatalities earlier in the year. Moreover, the spread of the even more contagious Delta variant is keeping concerns elevated, as most countries still have restrictions on incoming Indian crew or even sending their international crew to India and face possible delays during repatriation.”GMS concluded “Overall, prospects for the industry moving forward do remain stable to positive, as steel plate prices are the key driver for much of the bullishness, with China recently having announced that they will no longer export steel to the sub-continent markets.”GMS PricingIndia/Bangladesh/Pakistan – Week 35, CONSOLIDATING!Dry Bulk – USD 560-590 per LDTTankers - USD 570-600 per LDTContainers - USD 580-610 per LDT
