World's leading cash buyer of ships for recycling GMS said that “Sub-continent markets appear to have disappeared back into the ether for another week, as trading markets rebound and candidates for recycling start to dissipate. In recent weeks, volatile steel plate prices, a constantly deteriorating currency and starved US Dollar credit lines across India, Pakistan and Bangladesh have all led to a near total halt on buying at anywhere near respectable levels. As such, it is hard to gauge where prices really stand today, with so few Buyers either having the capabilities to open an LC & perform on any sizeable vessel, and furthermore, the lack of any sort of confidence to offer and maintain any firm levels.”GMS said “Even in Turkey, the situation remains unrelentingly gloomy, with little to no movement in any positive direction, all while local sentiments remain depressed on the back of a Lira that has been scraping to record-lows by the week and plate prices that remain in the dumps.:GNS said “Overall, it has been a frustrating period of time for Cash Buyers with any tonnage to sell and it is becoming increasingly fraught to get vessels delivered into a beleaguered recycling market.”GMS added “The rebound on VLCCs has also just come at the right time, and to see Suezmax and Aframax tankers flying and even a rebound on Cape rates of late has seen most larger LDT vessels bypass the beaches once again as they have yet another chance at squeezing out a few more voyages. There are also very few smaller LDT vessels on the buffet and as such, it increasingly looks as though it will be as quiet an end to the year as it has been for the last two quarters. Certainly, it is time again for the recycling markets to get their affairs in order, ahead of an anticipated higher influx of vessels next year.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 40 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 “Sub-continent markets appear to have disappeared back into the ether for another week, as trading markets rebound and candidates for recycling start to dissipate. In recent weeks, volatile steel plate prices, a constantly deteriorating currency and starved US Dollar credit lines across India, Pakistan and Bangladesh have all led to a near total halt on buying at anywhere near respectable levels. As such, it is hard to gauge where prices really stand today, with so few Buyers either having the capabilities to open an LC & perform on any sizeable vessel, and furthermore, the lack of any sort of confidence to offer and maintain any firm levels.”GMS said “Even in Turkey, the situation remains unrelentingly gloomy, with little to no movement in any positive direction, all while local sentiments remain depressed on the back of a Lira that has been scraping to record-lows by the week and plate prices that remain in the dumps.:GNS said “Overall, it has been a frustrating period of time for Cash Buyers with any tonnage to sell and it is becoming increasingly fraught to get vessels delivered into a beleaguered recycling market.”GMS added “The rebound on VLCCs has also just come at the right time, and to see Suezmax and Aframax tankers flying and even a rebound on Cape rates of late has seen most larger LDT vessels bypass the beaches once again as they have yet another chance at squeezing out a few more voyages. There are also very few smaller LDT vessels on the buffet and as such, it increasingly looks as though it will be as quiet an end to the year as it has been for the last two quarters. Certainly, it is time again for the recycling markets to get their affairs in order, ahead of an anticipated higher influx of vessels next year.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 40 UnchangedDry Bulk – USD 550-570 per LDTTankers - USD 560-580 per LDTContainers - USD 570-590 per LDT
