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GMS Week 19 – EASY DOES IT!

There has been a slow and cautious easing of restrictions in ship recycling sectors across the Indian subcontinent markets as certain yards get back to work in Alang and a few vessels waiting for special permissions in Bangladesh have finally been allowed to beach this week.

However, lockdown measures for India, Bangladesh and Pakistan as a whole, remain in place until May 16th at least – with all flights grounded and restrictions on foreign crew entering the country still in place. In fact, rumors abound in India that the lockdown may likely extend until June.

As it stands, due to the ongoing virus scare, nearly 70% of the workforce in Alang has returned to their home towns on specially arranged trains by the Gujarat authorities. So those yards that did begin to cautiously open have been left with a decimated workforce and may as well remain closed at this time.

It therefore remains extremely difficult to solicit any serious offers above USD 300/LDT at present, with most ship recyclers waiting on official reopening permissions on incoming vessels from government authorities, which may likely not be forthcoming for at least a few weeks.

Many deals that have missed cancelling dates due to force majeure conditions, have now been recommitted at much lower levels, with Ship Owners and Cash Buyers having to face the harsh realities of a much reduced market due to the pandemic.

For week 19 of 2020, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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