GMS Week 21 – WAITING GAME!
Despite imminent talks of markets reopening soon, prices have displayed a generally negative spiral in the subcontinent markets this week,
with end Buyers lowballing on any available units, including those vessels that are currently stuck at anchorages of the various recycling destinations and thus playing into the Recycler’s hands.
Yet, as the week ended, there was still no official news on the markets reopening in any location, with only those vessels with domestic crews onboard being allowed to beach or those exceptional cases where special permissions were granted by the relevant authorities.
In Bangladesh, several vessels that have been waiting for nearly two months and one in India, are now considered to be in a distressed situation (due to the amount of waiting time) and have finally been granted special beaching approvals after appeals to the embassies of the relevant crew members and exceptional permissions from the customs / shipping authorities.
Draft SOPs have been issued for review to permit the beaching of vessels with foreign crew on board and it is hoped that these may come into force once officially signed off / ratified within the next week or so.
For week 21 of 2020, GMS demo rankings / pricing for the week are as below.