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GMS Week 01 – CLOSE TO TUMULTUOUS 2020!

As we bid farewell to 2020, which has quite frankly been an unprecedented and tumultuous year for nearly the entire world, all eyes are now on 2021 and most are trying to stay optimistic about brighter days ahead, especially given the roll out of the Covid-19 vaccine finally underway in many countries across the world.

The onset of the pandemic certainly had a dramatic and devastating impact on the shipping industry the world over, not least the ship recycling sector, where vessels became stranded, steel prices crashed by about USD 150/LDT, and numerous deals subsequently failed.

From those lows, recycling markets have made a strong recovery as Q3 / Q4 came around, finishing the year trading above USD 400/LDT levels once again and back to the peaks seen at the onset of 2020.

The year had started with a plethora of containers for recycling, only to finish with a remarkable resurgence for the container sector and a focus on Capesize Bulkers, VLOCs and tankers set to come in the new year, thanks to declining charter rates over the course of Q4 in these particular sectors. There has of also been a steady supply of offshore assets this year, but it is expected to be a year for mostly Dry Bulk and Tankers in 2021, such have been the improvements seen on containers.

So, as another week and volatile year comes to a close, the industry will be looking forward to a 2021 filled with success in combating Covid-19, so that life can resume with some form of normality as far as that is possible, especially given the current times.

Finally, GMS recently announced our next Thought Leadership article titled “How the recent NGT verdict is going to facilitate Sustainable Ship Recycling in India”.

We invite you to access it on the GMS app, which is downloadable as below:

Android: https://bit.ly/GMS-Android
Apple (iOS): https://bit.ly/GMS-iOS

For week 1 of 2021, GMS demo rankings / pricing for the week are as below.

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Source: GMS

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