GMS Market Commentary on Shipbreaking in Week 45 - Focus Diverted
Markets remain in a curious state of stasis, as the final confirmation on the US election victor, leaning towards Presidential hopeful Joe Biden, and further
lockdowns across Europe threaten any end-of-the-year momentum &recovery that were starting to build. Covid cases have been surging across much of Europe in the last few months and this has led to another nationwide lockdown in, amongst other countries, the UK, Germany, Greece, France, Austria and several others. As such, the current state of affairs is putting a dampener on demand, as economies once again struggle to lift themselves from the gloom and job losses that continue to mount. Further aggravating the situation has been the nail-biting election of the next President of the USA.
As far as the Indian sub-continent recycling markets go, it has been a strange and at times quieter week, as the focus has been diverted elsewhere and firm candidates for recycling are starting to dry up. Prices remain largely unchanged as they were from the previous week, as the cartel continues to attempt to control pricing in Bangladesh, India endures daily fluctuations on steel plate prices, and Pakistan remains the most suitably positioned on any available non-green units for sale.
Finally, the Turkish market continues its stasis since last week, with a weaker Lira, marginally firmer plate price, abysmal supply of non-EUSRR tonnage, and domestic EU approved yards that remain stuffed with cruise ship tonnage.
For week 45 of 2020, GMS demo rankings / pricing for the week are as below
Demo Rank Location Sentiment Dry Bulk Tankers Containers
1 Pakistan Steady 360 / LDT 370 / LDT 380 / LDT
2 Bangladesh Steady 350 / LDT 360 / LDT 370 / LDT
3 India Steady 340 / LDT 350 / LDT 360 / LDT
4 Turkey Cautious 195 / LDT 205 / LDT 215 / LDT