World’s leading buyer of old ships for recycling GMS said “All recycling destinations across the Indian sub-continent and even Turkey have been suffering a prolonged and agonizing malaise over the past six months at least, one that’s showing no sign of abating any time soon. In fact, prices have deteriorated even further last week at all sub-continent locations and receiving indications & offers, even in the USD 400s/LDT on small LDT units is gradually becoming a reality. As such, any Ship Owner expecting some of the better levels, even from previous week, will have to readjust their expectations much lower, in order to bring any sort of firm offer to the table.”. GMS also said “L/Cs are continually proving to be extremely difficult to get approved these days, especially in Bangladesh, where the government is not sanctioning any fresh L/Cs for vessels, leading to a virtual standstill of the industry there.” GMS added “Indeed, we have seen multiple vessels enter the market and turn straight back around for trading (even at the reduced dry bulk and container levels of today), having either not found a Buyer with a ready L/C or having suffered embarrassingly low offers. The price ideas mentioned below are simply illusory, as the key thing today is finding a firm End Buyer at a reasonable level and with a workable L/C, which is turning out to be the most challenging of issues facing Cash Buyers at present.” GMS said “Overall, it is expected to be a dark and bleak winter for a withering ship recycling industry, especially after the decade long high in prices above USD 700/LDT whilst business boomed during the early part of this year.” GMS demo rankings – India/Pakistan/Bangladesh – Week465 down USD 20-25 WoWDry Bulk – USD 500-515 per LDTTankers – USD 510-525 per LDTContainers - USD 520-535 per LDT
World’s leading buyer of old ships for recycling GMS said “All recycling destinations across the Indian sub-continent and even Turkey have been suffering a prolonged and agonizing malaise over the past six months at least, one that’s showing no sign of abating any time soon. In fact, prices have deteriorated even further last week at all sub-continent locations and receiving indications & offers, even in the USD 400s/LDT on small LDT units is gradually becoming a reality. As such, any Ship Owner expecting some of the better levels, even from previous week, will have to readjust their expectations much lower, in order to bring any sort of firm offer to the table.”. GMS also said “L/Cs are continually proving to be extremely difficult to get approved these days, especially in Bangladesh, where the government is not sanctioning any fresh L/Cs for vessels, leading to a virtual standstill of the industry there.” GMS added “Indeed, we have seen multiple vessels enter the market and turn straight back around for trading (even at the reduced dry bulk and container levels of today), having either not found a Buyer with a ready L/C or having suffered embarrassingly low offers. The price ideas mentioned below are simply illusory, as the key thing today is finding a firm End Buyer at a reasonable level and with a workable L/C, which is turning out to be the most challenging of issues facing Cash Buyers at present.” GMS said “Overall, it is expected to be a dark and bleak winter for a withering ship recycling industry, especially after the decade long high in prices above USD 700/LDT whilst business boomed during the early part of this year.” GMS demo rankings – India/Pakistan/Bangladesh – Week465 down USD 20-25 WoWDry Bulk – USD 500-515 per LDTTankers – USD 510-525 per LDTContainers - USD 520-535 per LDT
