Steel Plate News

Indian sub-continent ship recycling markets remain decidedly dicey as both currencies and local steel plate prices in India and Bangladesh declined even further this week, reports cash buyer GMS.“Vessel prices and demand take on a whole new meaning of industrywide suffering, especially with Turkey and Pakistani ship recycling markets still being remanded at the same resort over recent weeks.”The political situation in the Middle East will also continue to restrict the supply of vessels for the immediate future / likely until Q4…

The anticipated / ongoing seasonal slowdown in activity coupled with softening vessel prices has clearly started to characterize the year’s summer / monsoon mess across the Indian sub-continent ship recycling markets, reports cash buyer GMS.“However, the 2024 version not only includes the incessant rains and a holiday-time for yard workers, but also ongoing global descent via boots on the ground warfare and an economic tumult that has double downed and unsustainably maintained…

It has been another tentative time in the global ship recycling markets as overall this week, reports cash buyer GMS, as sale and purchase activity and local arrivals / deliveries reported minimal movements at the various waterfronts.Indian sub-continent ship recyclers are approaching the monsoon season with a ‘wait-&-watch’ mindset prior to committing afresh on tonnage, especially since virtually all sub-continent recyclers have taken in their respectable shares of tonnage over…

Vessel prices are already down by about USD 20 – USD 25 / LDT, reports cash buyer GMS, as further decline is expected in the first half of July as previously forecast.Shipowners and cash buyers are now chasing down a declining market, and recyclers are facing exacerbating economic challenges. Not only are local steel plate prices in shambles, but currencies are also taking tumbles at key destinations and have unexpectedly delivered a monsoon retreat for industry players who are looking to conclude business at the various ship recycling destinations…

An eventful week in the ship recycling industry saw the announcement of the Bangladeshi budget surprisingly deliver negative news for Chattogram’s ship recycling sector, reports cash buyer GMS.“Bangladesh’s proposed budget has surprisingly fallen short of appreciating, assessing, or even addressing the extent of the nation’s ongoing economic crises via establishing realistic targets and measures needed to correct recently erupted financial abnormalities,” says GMS.The Taka declined further against the U.S.

As May comes to an end, increasing vessel prices on the back of a firming demand from Alang recyclers has now seen local steel plate prices climb nearly $45/ton, reports cash buyer GMS.“Notwithstanding, an all too familiar lack of decent quality tonnage available to global recyclers to sink their teeth into, remains blisteringly omnipresent as the industry ventures into the traditionally quieter monsoon months and freight sectors appear to be performing firmly once again, depriving recycling destinations of meaningful tonnage yet again…

Following on from last week’s unexpected shock via the intentional depreciation in the value of the Bangladeshi Taka, it has been an altogether quieter week of sales and activity in the country, says cash buyer GMS.Domestic ship recyclers are evaluating the potential costs and implications of further depreciations, given that the Taka slipped further into BDT 117 territory against the U.S. Dollar this week. “As Bangladesh’s outflow of foreign currency reserves increases once again…

Towards the end of the working week, the Bangladeshi Taka crashed by about 6.4% against the U.S. dollar in a couple of days. This depreciation in the Taka will translate into higher L/C costs that should escalate by about 6% - 7% (at least), reports cash buyer GMS.This will further reduce already suffocated margins that have resulted from flatlining steel plate prices, ensuring that upcoming vessel acquisitions will be more expensive for local recyclers, who will lose out to a firming India…

On the back of freight markets that are finally facing their first set of 2024 jitters, the industry is gradually witnessing an increasing number of units being proposed for a recycling sale, all of which are being confirmed via the sudden influx of tonnage at the Indian and Bangladeshi waterfronts this week, reports cash buyer GMS.This coms just as the Pakistani market (as expected) starts to fall behind on its domestic arrivals. At this rate, India looks set to sneak past the Pakistani market in the rankings…

This week, various holidays concluded across the globe just as Indian sub-continent ship recycling markets started to perk up amidst fundamentals that have independently enjoyed varying degrees of volatility and resurgence over recent weeks, reports cash buyer GMS.“Steel plate prices in Bangladesh and Pakistan remained flatlined at respectively firm levels - the effects of which has only helped these markets grab their share of high-priced fixtures since the start the of the year - all while the ever-volatile Indian plate price that fell last week…

The United States has launched an investigation into alleged unfair practices within China's shipbuilding and maritime industries, drawing ire from Chinese officials.The probe was launched Wednesday by U.S. Trade Representative Katherine Tai in response to a petition filed by five national labor unions accusing China of using "non-market policies that are far more aggressive and interventionist than any other country" to obtain dominance over the global shipbuilding, maritime and logistics sector."The American commercial shipbuilding industry is a shell of its former self. . .

The week concluded surprisingly for sub-continent ship recycling nations which were busier (from an LDT perspective) than recent weeks, reports cash buyer GMS.“This left local recyclers scrambling to get their respective shares of the odd unit in, and that too at ever-competitive rates. As such, the dearth of vessels currently available for a recycling sale will certainly ensure that any mis-directed dreams of discounted deals at this juncture of the year, are likely to remain just that…i.e.

Despite the occasional smaller LDT candidate popping up for sale over recent weeks, there regrettably remains the ongoing scarcity of tonnage that is simply unable to fill the most basic of demands at the major ship-recycling destinations, reports cash buyer GMS.“As plots across Indian sub-continent markets gradually recycle through their respective shares of vessel deliveries through the first quarter of 2024, both Bangladeshi and Pakistani markets remain well-positioned despite the onset of the traditionally quieter month of Ramadan…

With the conclusion of week 11, the ongoing and seemingly endless dearth in the supply of viable candidates has been mercifully keeping the Bangladeshi and Pakistani ship recycling markets steady, reports cash buyer GMS.“On the other hand, the Turkish and Indian markets continue to endure their respective shares of a notably trying time, given that the Turkish Lira continues to plummet even amidst a mercifully quieter week (on account of Ramadan).”GMS says: “India continues to endure its share of nerve-racking volatility in local steel plate prices as well as the Indian Rupee…

ScoutDI has added an ultrasonic thickness measurements (UTM) payload, complete with in-flight A-scan, to the capabilities of its end-to-end inspection data solution for the Scout 137 drone.The product is suitable for offshore applications where drones are becoming common for visual inspection and steel plate thickness sampling must be done regularly to monitor e.g. the effects of corrosion over time.Adding the UTM payload enables the Scout 137 drone to collect location-tagged…

Despite the Pakistani & Bangladeshi markets stabilizing and displaying a far greater aggression at the bidding tables over the last five weeks, it has been a remarkably quieter start to 2024 for ship recycling than many had anticipated, says cash buyer GMS.With Houthi attacks, trading markets have remained unseasonably firmer, thereby delaying the historical ‘post-New Year aggression’ from the sub-continent ship recycling markets that the industry has become accustomed to over…

Bangladeshi and Pakistani markets have been making noticeable improvements over recent weeks, but there remains an ongoing shortage in the global availability of ‘market’ tonnage for ship recycling, reports cash buyer GMS.As evident from the number of arrivals and beachings this week, an increasing number of ship recyclers have clearly managed to and are reportedly still in the process of obtaining further approvals on L/Cs from their respective banks. “As a result, there is now a noticeable disparity in offers emanating from recyclers from the same sub-continent destination…

After what has been an overall miserable 2023 in the ship-recycling industry and even worse six-month tail end, 2024 seems to be off with just a little more hope and a chance at recovery as positive signs seem to permeate through the markets, says cash buyer GMS.Critical factors such as declining currency values (except in India), flatlining / declining local steel plate prices, and the dreadful (and ongoing) lack of funding on fresh acquisitions (in Bangladesh and Pakistan), all came together over the course of the summer / monsoon months of 2023.

HII’s Ingalls Shipbuilding has authenticated the keel of the U.S. Navy Arleigh Burke-class (DDG 51) guided missile destroyer George M. Neal (DDG 131).George M. Neal (DDG 131) is the fourth Flight III destroyer to be constructed at Ingalls. Flight III Arleigh Burke-class destroyers incorporate a number of design modifications that collectively provide significantly enhanced capability including the AN/SPY-6(V)1 Air and Missile Defense Radar (AMDR) and the Aegis Baseline 10 Combat System…

As Diwali holiday celebrations concluded, Alang recyclers seem to slowly be filtering back to work amidst declining plates prices, sentiments, says cash buyer GMS, and local offerings that remain stagnant.“Unfortunately, this remains the ongoing dilemma across much of the Indian sub-continent ship recycling markets, especially as steel plate prices are yet to gain ground to the extent many in the industry had been hoping for thus far, whilst currencies simultaneously continue to cause ongoing worries for respective domestic markets.”On the flip side…

Markets remain precariously poised as Diwali holidays occupy the sub-continent markets and the industry heads into the final months of the 2023, says cash buyer GMS. Although several sales have reportedly registered into India at some impressive levels, sentiments and pricing here remains muted overall.“On the Eastern end and in the lead up to the Bangladeshi elections due in mid-January 2024 - disruptions, protests, and even strikes have embattled the country and as such, it is expected to become even more challenging to get lines of credit open and deliveries completed into Chattogram…

Inflation, fundamentals, currencies (except in India), vessel pricing, and overall weakening sentiments have beset the ship recycling market over the past week, reports cash buyer GMS.The effects have been felt across all the sub-continent ship-recycling destinations (even Turkey to an extent), which have cooled by about US$ 20/LDT over recent weeks, says GMS. However, India and Bangladesh have reported surprising increases in steel plate prices over the last week.“Seemingly on the back of global steel plate prices…

As deals continue to be concluded into Alang, the Indian ship recycling sector remains on a positive footing overall, with Pakistan and (especially) Bangladesh still lagging behind, reports cash buyer GMS.Despite steel plate prices coming off by about US$ 11/Ton and the Indian Rupee weakening marginally over the course of the week, the overall outlook for India remains positive.Several ship recyclers from the sub-continent markets were gathered at the annual Tradewinds Ship Recycling Conference in Singapore this week…