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GMS Week 10 – TAKING STOCK!

Contrary to the levels at which some of the sales registered this week, local markets actually witnessed a slump in prices and sentiments, as Bangladesh continues to run out of room and local steel plate prices slid throughout the tail-end of the working week in India.

Furthermore, it is expected that the softness currently experienced in the Indian market may well continue until March 31st (at least) as it is the end of the financial year for Indian companies & banks and most steel mills & ship recyclers will be busy adjusting their stock and books. As Pakistan continues to struggle in absentia with the weakest levels in the Indian subcontinent, local steel plate prices in the Turkey seem to have found some stability this week as Turkish plate prices were unmoved after two weeks of declines.

On the sales front, a large VLOC (taking the total number of Capesize bulkers / VLOCs sold for the year to over 10) has been concluded with a Bangladeshi resale in mind, as is the case with another Panamax container from Zim that was concluded at a seemingly speculative level in the mid USD 470s/LT LDT basis an ‘as is’ Singapore delivery.

In other news, the usual congregation of Ship Recyclers, Cash Buyers, Ship Owners, Bankers, Brokers, NGOs, Policy Makers, Insurers, Lawyers and various others entities associated with the industry, occurred this week at the Tradewinds ship recycling conference in Hong Kong, for further lively debates on the latest EU ship recycling regulations, in addition to celebrating the 10th year anniversary since the inception of the Hong Kong Convention (HKC) guidelines on the safe and environmentally sound recycling of ships.

For week 10 of 2019, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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