World's leading cash buyer of ships for recycling GMS said that “Markets remain tentatively poised lastweek, as days of constant reversals have left most end Buyers without any motivation or appetite to acquire units at yesterday’s levels. India has been the most affected by the recent falls, with all offers on vessels now coming in around the mid USD 500s/LDT and below, having seen well above USD 600/LDT just last month. The decline in local steel plate prices in India have been so severe (in excess of USD 60/Ton in a matter of a weeks) that many Alang Buyers are continuing to wait-and-watch further market developments, rather than offering on any available units. The ongoing dearth in the supply of tonnage has stretched into this week as well, as an increasing number of owners in the wet sector are looking set to bank on market improvements going into 2022.”GMS said “One Suezmax sale was concluded into Bangladesh at decent numbers this week and this shows that the falls have not been that pronounced in neighboring markets, certainly not as bad in Chattogram at least. Gadani has been struggling with currency depreciations of late, and the week even started with a dramatic level of PKR 178.20 against the US Dollar the highest EVER. Turkey too has not been spared from collapsing currency fiasco as the Lira teeters on the edge just shy of TRY 14.0 against the US Dollar, while local and import steel respectively registered declines of their own.”GMS added “As we get closer to the holidays and Owners the world over gear up for time with family and friends, we anticipate supply could further weaken and deliveries further delayed in light of increased travel restrictions due to the new Omicron Covid variant.”GMS PricingIndia/Bangladesh/Pakistan – Week 49, Down USD 10 WoWDry Bulk – USD 550-590 per LDTTankers - USD 560-600 per LDTContainers - USD 570-610 per LDT
World's leading cash buyer of ships for recycling GMS said that “Markets remain tentatively poised lastweek, as days of constant reversals have left most end Buyers without any motivation or appetite to acquire units at yesterday’s levels. India has been the most affected by the recent falls, with all offers on vessels now coming in around the mid USD 500s/LDT and below, having seen well above USD 600/LDT just last month. The decline in local steel plate prices in India have been so severe (in excess of USD 60/Ton in a matter of a weeks) that many Alang Buyers are continuing to wait-and-watch further market developments, rather than offering on any available units. The ongoing dearth in the supply of tonnage has stretched into this week as well, as an increasing number of owners in the wet sector are looking set to bank on market improvements going into 2022.”GMS said “One Suezmax sale was concluded into Bangladesh at decent numbers this week and this shows that the falls have not been that pronounced in neighboring markets, certainly not as bad in Chattogram at least. Gadani has been struggling with currency depreciations of late, and the week even started with a dramatic level of PKR 178.20 against the US Dollar the highest EVER. Turkey too has not been spared from collapsing currency fiasco as the Lira teeters on the edge just shy of TRY 14.0 against the US Dollar, while local and import steel respectively registered declines of their own.”GMS added “As we get closer to the holidays and Owners the world over gear up for time with family and friends, we anticipate supply could further weaken and deliveries further delayed in light of increased travel restrictions due to the new Omicron Covid variant.”GMS PricingIndia/Bangladesh/Pakistan – Week 49, Down USD 10 WoWDry Bulk – USD 550-590 per LDTTankers - USD 560-600 per LDTContainers - USD 570-610 per LDT
