World's leading cash buyer of ships for recycling GMS said that “Given that there are a bare minimal number of even potential candidates floating around for End Buyers to work with, recycling markets appear to be settling for now, at levels well below USD 600 per LDT for the most part, a negative differential of about USD 150 per LDT from the peaks witnessed earlier this year.”GMS said “Currencies continue to depreciate across the globe and hit respective historical lows, as some dismal performances, primarily from Gadani Recyclers in the recent past, have left Owners and Cash Buyers nervous to touch this market whilst the situation remains so precarious. Fortunately, firm freight markets continue to deprive the recycling industry of any meaningful tonnage and this is likely to continue for at least the next few months ahead.”GMS also said “The summer & monsoon months are traditionally quieter due to the constant rains & tropical storms that tend to afflict the area resulting in slower cutting times of vessels during downpours. As such, laborers return to their hometowns as yards are ‘naturally’ condemned to a period bereft of activity. Notwithstanding, we have yet to see things get this quiet for many a year now.”GMS added “The political and now turning into a financial collapse witnessed recently in Sri Lanka is also rattling sub-continent nerves, amidst fears from both the weaker Pakistan and Bangladeshi economies who feel they could well be next, as their respective currencies and the painful lack of available steel plates that eventually affect domestic improvement and construction projects, all converge to an economy being suffered by the unfolding of times.”GMS said “The only market that is displaying a degree of stability, at least where plate prices are concerned, is Turkey, with both import and local steel reporting no major changes through the course of the week. Indian and Pakistani port reports too remain empty as recycling yards gradually turn barren across all of the major recycling destinations, whilst industry players hope for some stability and improved sentiments in the weeks & months ahead.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 28 – Down WoWDry Bulk – USD 560-590 per LDTTankers - USD 570-600 per LDTContainers - USD 580-610 per LDT
World's leading cash buyer of ships for recycling GMS said that “Given that there are a bare minimal number of even potential candidates floating around for End Buyers to work with, recycling markets appear to be settling for now, at levels well below USD 600 per LDT for the most part, a negative differential of about USD 150 per LDT from the peaks witnessed earlier this year.”GMS said “Currencies continue to depreciate across the globe and hit respective historical lows, as some dismal performances, primarily from Gadani Recyclers in the recent past, have left Owners and Cash Buyers nervous to touch this market whilst the situation remains so precarious. Fortunately, firm freight markets continue to deprive the recycling industry of any meaningful tonnage and this is likely to continue for at least the next few months ahead.”GMS also said “The summer & monsoon months are traditionally quieter due to the constant rains & tropical storms that tend to afflict the area resulting in slower cutting times of vessels during downpours. As such, laborers return to their hometowns as yards are ‘naturally’ condemned to a period bereft of activity. Notwithstanding, we have yet to see things get this quiet for many a year now.”GMS added “The political and now turning into a financial collapse witnessed recently in Sri Lanka is also rattling sub-continent nerves, amidst fears from both the weaker Pakistan and Bangladeshi economies who feel they could well be next, as their respective currencies and the painful lack of available steel plates that eventually affect domestic improvement and construction projects, all converge to an economy being suffered by the unfolding of times.”GMS said “The only market that is displaying a degree of stability, at least where plate prices are concerned, is Turkey, with both import and local steel reporting no major changes through the course of the week. Indian and Pakistani port reports too remain empty as recycling yards gradually turn barren across all of the major recycling destinations, whilst industry players hope for some stability and improved sentiments in the weeks & months ahead.”GMS Price Assessment - India/Bangladesh/Pakistan – Week 28 – Down WoWDry Bulk – USD 560-590 per LDTTankers - USD 570-600 per LDTContainers - USD 580-610 per LDT
