World's leading cash buyer of ships for recycling GMS said that “Sentiments have softened across sub-continent markets once again last week, as buyers appear increasingly reluctant to commit on fresh tonnage whilst fundamentals remain so shaky, especially as the markets have witnessed across the last couple of weeks, where currencies and steel plate prices took turns in tumbling. The Pakistani Rupee has breached historical lows and despite the odd flash of appreciation, has given Gadani Buyers extreme discomfort over the course of a torturous year of monumental declines.”GMS said “Bangladesh, likewise, has suffered a currency calamity of its own, coupled with declining steel plate prices and increased limits on establishing fresh LCs due to a dire shortage of US Dollars in the country, most Chattogram Buyers are holding back or simply unable & unwilling to offer at all on any of the freshly proposed units.”GMS said “India has lost about USD 80 per LDT on steel prices over the last several weeks and despite gaining a marginal USD 5 per tonne last week, remains under pressure as the lowest placed of all sub-continent markets once again. The Indian Rupee has also crossed the psychologically worrying INR 80 mark, leaving Alang Buyers as worriedly cautious as their competitors.”GMS also said “Finally, the Turkish market remains depressed and unchanged for yet another week, as there are no units available to this market and at these current levels most owners & cash buyers wouldn’t commit their units to Aliaga Buyers anyways.”GMS concluded that “The supply of tonnage in the sub-continent had started to marginally improve but remains relatively strained as all freight sectors continue to perform, leaving demo markets starved of vessels once again. Prices therefore remain stranded below USD 600 per LDT for another week with little chance of crossing that psychological barrier any time soon. The tendency indeed seems to suggest that levels will cool off again, perhaps down to the low USD 550s in worrying signs for the recycling markets once again.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 39 UnchangedDry Bulk – USD 550-570 per LDTTankers - USD 560-580 per LDTContainers - USD 570-590 per LDT
World's leading cash buyer of ships for recycling GMS said that “Sentiments have softened across sub-continent markets once again last week, as buyers appear increasingly reluctant to commit on fresh tonnage whilst fundamentals remain so shaky, especially as the markets have witnessed across the last couple of weeks, where currencies and steel plate prices took turns in tumbling. The Pakistani Rupee has breached historical lows and despite the odd flash of appreciation, has given Gadani Buyers extreme discomfort over the course of a torturous year of monumental declines.”GMS said “Bangladesh, likewise, has suffered a currency calamity of its own, coupled with declining steel plate prices and increased limits on establishing fresh LCs due to a dire shortage of US Dollars in the country, most Chattogram Buyers are holding back or simply unable & unwilling to offer at all on any of the freshly proposed units.”GMS said “India has lost about USD 80 per LDT on steel prices over the last several weeks and despite gaining a marginal USD 5 per tonne last week, remains under pressure as the lowest placed of all sub-continent markets once again. The Indian Rupee has also crossed the psychologically worrying INR 80 mark, leaving Alang Buyers as worriedly cautious as their competitors.”GMS also said “Finally, the Turkish market remains depressed and unchanged for yet another week, as there are no units available to this market and at these current levels most owners & cash buyers wouldn’t commit their units to Aliaga Buyers anyways.”GMS concluded that “The supply of tonnage in the sub-continent had started to marginally improve but remains relatively strained as all freight sectors continue to perform, leaving demo markets starved of vessels once again. Prices therefore remain stranded below USD 600 per LDT for another week with little chance of crossing that psychological barrier any time soon. The tendency indeed seems to suggest that levels will cool off again, perhaps down to the low USD 550s in worrying signs for the recycling markets once again.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 39 UnchangedDry Bulk – USD 550-570 per LDTTankers - USD 560-580 per LDTContainers - USD 570-590 per LDT
