World's leading cash buyer of ships for recycling GMS said that “Following the sale of Capesize bulkers for recycling last week, the trend has continued this week as well, with further transactions reportedly taking place on units, including Capes and a Suezmax tanker, as the market finally shows signs of life after an absolutely inert summer. All of the major ship recycling destinations are still poised rather precariously, and Pakistan has seen some further depreciations on the currency towards the end of last week, whilst the country continues to battle floods, shortage of essentials, and the increasing spread of water-borne diseases, as thousands have perished in the floodwaters. Bangladesh too remains somewhat tentative, with limits on higher dollar value LCs still in place, local steel plate prices that took a noteworthy dive last week, and a Taka that seems to have found its stable place last week.”GMS said “India has experienced, marginally less, volatile moves on steel across the week and remains the safest destination to deliver at present. Following an incredibly quiet 3-4 months of inactivity, there are signs of demand gearing up across sub-continent locations as most plots lie nearly dormant. Lastly, the Turkish market faces its own dithers this week, with further declines on fundamentals that are burying sentiments even further into the rut.”GMS added “Overall, chartering markets have deprived recycling destinations of most tonnage, but dry Bulk has recently started to cool off, particularly the Capesize bulker sector, whilst containers are also showing signs of softening, all while Tanker rates continue to shoot onwards and upwards.”GMS concluded “It should hopefully be a busier finish to the year, as Owners look to capitalize on these still firm levels, despite the USD plus 100 per LDT fall we have seen since the peaks of earlier this year. Rates in and around USD 550-600 per LDT are still incredibly firm, given the lows we had witnessed of USD 250 per LDT or so, during the early stages of the Covid pandemic.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 36 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 “Following the sale of Capesize bulkers for recycling last week, the trend has continued this week as well, with further transactions reportedly taking place on units, including Capes and a Suezmax tanker, as the market finally shows signs of life after an absolutely inert summer. All of the major ship recycling destinations are still poised rather precariously, and Pakistan has seen some further depreciations on the currency towards the end of last week, whilst the country continues to battle floods, shortage of essentials, and the increasing spread of water-borne diseases, as thousands have perished in the floodwaters. Bangladesh too remains somewhat tentative, with limits on higher dollar value LCs still in place, local steel plate prices that took a noteworthy dive last week, and a Taka that seems to have found its stable place last week.”GMS said “India has experienced, marginally less, volatile moves on steel across the week and remains the safest destination to deliver at present. Following an incredibly quiet 3-4 months of inactivity, there are signs of demand gearing up across sub-continent locations as most plots lie nearly dormant. Lastly, the Turkish market faces its own dithers this week, with further declines on fundamentals that are burying sentiments even further into the rut.”GMS added “Overall, chartering markets have deprived recycling destinations of most tonnage, but dry Bulk has recently started to cool off, particularly the Capesize bulker sector, whilst containers are also showing signs of softening, all while Tanker rates continue to shoot onwards and upwards.”GMS concluded “It should hopefully be a busier finish to the year, as Owners look to capitalize on these still firm levels, despite the USD plus 100 per LDT fall we have seen since the peaks of earlier this year. Rates in and around USD 550-600 per LDT are still incredibly firm, given the lows we had witnessed of USD 250 per LDT or so, during the early stages of the Covid pandemic.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 36 UnchangedDry Bulk – USD 550-570 per LDTTankers - USD 560-580 per LDTContainers - USD 570-590 per LDT
