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Activity seems to be slowing this week as the cut-off date for the budget in Bangladesh and the incoming monsoon season seem to overall hamper End Buyer offers and have considerably curtailed demand for later deliveries.

Indeed, the weather has already started to take a turn for the worse as cyclone Fani batters the East Indian & Bangladeshi coasts this week. Moreover, towage jobs will struggle to be approved from a Marine Warranty Surveyor / insurance perspective. So inevitably, there will be the much-expected slowdown in supply for vessels arriving into the subcontinent.

Also, during the seemingly unending rains of the monsoon season, many laborers return to their home towns as production on the yards slows due to the constant rains (hampering cutting / recycling activities), as much of the tonnage imported during the first half of the year gets gradually absorbed into the respective local markets.

There are also the upcoming Indian elections to consider as many are hoping that the probusiness Mr. Modi gets re-elected (which should be good for steel prices, currency and the ship recycling industry in general), but there has been the nagging suspicion that moods are beginning to shift and an unexpected surprise could well be on the cards.

Pakistan too remains firmly on the sidelines for another week and these are indeed troubled times for a once vibrant industry, with virtually no new vessels being imported this year (only smaller LDT general cargo vessels) as the currency too continues to struggle and steel mills close locally.

For week 18 of 2019, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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