GMS Week 29 – PROMISING POSTINGS!
All subcontinent markets continue to display signs of positivity this week, as deals of previously concluded units already in Cash Buyer hands were reportedly done at some clearly improving levels into all locations.
Having taken a number of bulkers and containers into the USD 340s/LDT and as has been the case in recent weeks, Pakistan continues to be the strongest subcontinent location on show whilst India has been the main buyer of any PCTC and container units intended for HKC green recycling. Finally, Bangladesh remains the best of the rest for any geographically positioned units in the Far East, particularly on the largest of vessels on offer (including VLOCs).
Eid holidays are coming up in Pakistan, Bangladesh and Turkey at the end of July and this could put a dampener on proceedings for a few weeks. However, sentiments are expected to remain firm going into the fourth quarter of the year, such are the depths of the falls
experienced during the ongoing pandemic.
Prices have plummeted by over USD 100/LDT in all locations – from the low USD 400s/LDT to the high 200s/LDT (in most cases) and many End Buyers have seen this as an opportunity to dip into the buying at some bargain basement levels because fundamentals (particularly steel prices and the currency) have not depreciated quite as dramatically during this time.
Coronavirus cases, particularly in India where infected numbers have topped one million, remain of concern and cities (on a case-by-case basis) will have to go back into lockdown as attempts to curb the spread of the virus continue largely in vain across the globe.
For week 29 of 2020, GMS demo rankings / pricing for the week are as below.
GMS successfully concluded the first of their Leadership series of Webinars last Thursday and will be hosting their next one in two weeks. Stay posted for more info and login details.