GMS Week 31 – EID INTERRUPTION!
In the wake of the Coronavirus crisis and following a woeful decline in prices & demand during the second quarter of the year, all subcontinent locations have finally started to post increasingly positive returns this week.
Pakistan remains the most impressive market of all, with prices some USD 25 – USD 30/LDT ahead of its nearest competitor.
India has made up most of the steel price losses sustained over the previous month, whilst Bangladesh is slowly & surely starting to make up ground on Pakistan, amidst a dearth in the supply of tonnage.
Meanwhile, Eid holidays have just gotten underway in Bangladesh, Pakistan & Turkey and a quieter week is due to ensue in the respective markets, making way for India to perhaps pick up any remaining (subcontinent) market vessels for sale in the coming week.
Notwithstanding, India has been securing its share of (HKC green) vessels and as supply starts to slow once again, it will be interesting to see if they do pick up any market tonnage over Eid holidays. Regrettably, India continues to see its share of record daily increases in the infection rate as the Coronavirus shows few signs of slowing any time soon.
For week 31 of 2020, GMS demo rankings / pricing for the week are as below.
GMS successfully concluded the second webinar in our leaderships series this week, covering the topic of green / HKC / EU ship recycling and implications.
The link to the webinar is as below:-