GMS Week 15 – CHASING DOWN!
Battered Bangladeshi sentiments displayed virtually no signs of improving this week as recycling markets and Cash Buyers bottom lines continue to bleed, all thanks to the purchasing exuberance displayed over the previous months, with deliveries now suffering, LCs not opening and renegotiations reportedly commonplace for the most frivolous of reasons.
It will certainly take several more weeks (at the very least) for prices to find a level ground until some kind of bottom is reached, as each day brings with it, fresh drama and further declines. To this end, each new vessel introduced into the market is being greeted with increasingly lower prices as most Sellers and Cash Buyers with inventory in hand, continue to chase down the market.
With Pakistan yet to reopen its beaches for tankers, the ongoing delays are further ramping up anticipation and pressure as each new delegation and meeting between the PSBA and government officials yields no results, despite the fact that only one final signature is remaining / required to reopen Gadani’s shores for tankers and finally put an end to this saga.
For now, India remains perhaps the most stable of the sub-continent markets and as a result, has managed to secure two interesting units for the week – a large LPG and another reefer from the Baltic fleet, as sales from this particular sector continue at pace.
For week 15 of 2018, GMS demo rankings / pricing for the week are as below.Read more
Source: GMS Weekly