World's leading cash buyer of ships for recycling GMS said that “Any vessels that were made available over the past few weeks have swiftly been withdrawn as recycling markets show ineptitude to offer any sort of serious numbers, having seemingly forgotten how to buy ships after a prolonged period on the sidelines. Consequently, there have been no market sales for another week, especially as freight markets continue to impress across all sectors and recycling markets remain unchanged, depressed, and starved of tonnage all at once. Constant currency depreciations have been the chief culprit and there seems to be a lack of confidence to import vessels, with banks being much stricter on sanctioning precious U.S. Dollar Letters for Letter of Credit for vessels for recycling. GMS said “Most yards in India, Pakistan Bangladesh, and even Turkey, are therefore lying idle and will be expected to remain that way (likely) for the rest of the year, with sentiments and levels so depressed across the board. Demand for new vessels is firming, but at completely unworkable numbers for Owners and Cash Buyers alike, especially given the decent earnings that the majority of these ships continue to make.” GMS concluded “As such, for another week, the outlook across all sub-continent markets stays glum and gloomy, with little meaningful activity to talk of and deteriorating sentiments & pricing afflicting the industry. GMS Price Assessment - India/Bangladesh/Pakistan – Week 41 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of ships for recycling GMS said that “Any vessels that were made available over the past few weeks have swiftly been withdrawn as recycling markets show ineptitude to offer any sort of serious numbers, having seemingly forgotten how to buy ships after a prolonged period on the sidelines. Consequently, there have been no market sales for another week, especially as freight markets continue to impress across all sectors and recycling markets remain unchanged, depressed, and starved of tonnage all at once. Constant currency depreciations have been the chief culprit and there seems to be a lack of confidence to import vessels, with banks being much stricter on sanctioning precious U.S. Dollar Letters for Letter of Credit for vessels for recycling. GMS said “Most yards in India, Pakistan Bangladesh, and even Turkey, are therefore lying idle and will be expected to remain that way (likely) for the rest of the year, with sentiments and levels so depressed across the board. Demand for new vessels is firming, but at completely unworkable numbers for Owners and Cash Buyers alike, especially given the decent earnings that the majority of these ships continue to make.” GMS concluded “As such, for another week, the outlook across all sub-continent markets stays glum and gloomy, with little meaningful activity to talk of and deteriorating sentiments & pricing afflicting the industry. GMS Price Assessment - India/Bangladesh/Pakistan – Week 41 UnchangedDry Bulk – USD 550-570 per LDTTankers - USD 560-580 per LDTContainers - USD 570-590 per LDT
