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GMS: Ship Recycling Market Still Slow
Despite Chinese new year holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, says cash buyer, GMS.This has resulted in another dreary week of market inactivity and silence across all recycling destinations.Charter rates continue to remain artificially elevated (especially) in the dry bulk sectorā¦
Call for IMO to Resolve Inconsistencies in Ship Recycling Conventions
BIMCO, Bangladesh, India, Norway, Pakistan and the ICS have submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on March 18-22 that highlights the need to resolve possible conflicts between the Hong Kong Convention and the Basel Convention.The Hong Kong Convention will enter into force on June 26, 2025, and the co-signatories of the paper ask for clarificationā¦
Subcontinent Ship Recycling Market Remarkably Quiet
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 āpost-New Year aggressionā from the subā¦
Ship Recycling Market Impacted by Middle East Situation
Bangladeshi and Pakistani markets have been making noticeable improvements over recent weeks, but there remains an ongoing shortage in the global availability of āmarketā 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.
Ship Recycling: Few Sales Confirmed
In its Week 3 market report, cash buyer GMS says that even as vessel prices have improved from the lows seen towards the end of 2023 and plate prices made a massive jump in Bangladesh over the last couple of weeks, only a trickle of sales have been confirmed into the recycling markets in 2024 thus far.āThere also seems a reluctance from ship owners to bite at current offers in the low USD 500s/LDT, having seen levels around USD 100/LDT higher only a couple of quarters ago.
Uncertainty Reins in Ship Recycling Market
Anxiety and uncertainty reign across the shipowning community at large, especially for those with units trading in, or simply passing through the shipping lanes that are currently besieged by Houthi Rebel attacks in the Red Sea, says cash buyer GMS. This is invariably resulting in many owners avoiding the Suez Canal altogether, electing instead to sail around the Cape and subsequently increase voyage timesā¦
Signs of Recovery for Ship Recyclers in 2024
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)ā¦
Mixed Feelings in Ship Recycling Market
Cash buyer GMS reports that the international ship recycling community is finishing the year with mixed feelings.āOn the one hand, we have seen comparatively more deals concluded in 2023 than we did in 2022, with 2022 being the weakest of years over the last decade (in terms of the volume of vessels recycled in a single year).
Sub-Continent Recyclers Hope for Better 2024
As we enter the last week of 2023, sub-continent markets struggle on, says cash buyer GMS, going the final furlong to round out what has been an overall disappointing year for pricing and volumes.Prices have collapsed from over $600/LDT to below $500/LDT over certain stages this year, seeing around $150/LDT wiped from residual values in a shock for owners and cash buyers alike.āNow that currencies and steel prices seem to have stabilized across the board for the time being, many will be hoping f
Recycling Market Sees Trickle of Deals
It is clear that sub-continent ship recycling markets are not going to have the bumper conclusion to 2023 that many had been hoping for, reports cash buyer GMS.āInstead, only a trickle of deals are being done to muted markets, as demand and sentiments continue to struggle for another week,ā says GMS. āThere was one further container deal done, amidst a last quarter flurry, but dry bulk supply has stalled as trading markets have enjoyed an unexpected spikeā¦
Ship Recycling Market Remains Slumped
The lackluster end to the year in subcontinent recycling markets continues for another week as disappointed owners and cash buyers face selling their inventory into markets where prices have slumped, reports cash buyer GMS.Several dry bulk sales were below USD 500/LT LDT into India in the lowest confirmed deals for several months.Steel prices have declined in India by almost 10% in a shock to manyā¦
Ship Recycling Markets Continue to Struggle
Ship recycling markets continue to struggle going into the final weeks of the year, reports cash buyer GMS. There has been very little activity or new sales to report, with most end users abstaining from buying and rather wishing to wait and watch developments.Contrary to many expectations, India has lost around 3,000 rupees ($35/LDT) from steel prices.Pakistan was buoyed by the news that their country will sign up to the Hong Kong Convention ā which will enter into force from 2025ā¦
Ship Recycling Prices Remain Low
Subcontinent ship recycling pricing and sentiments remain stranded in the low 500s/LDT and for certain units even below, says cash buyer GMS.āWe meander aimlessly towards the end of the year with very little serious and enticing levels to induce either owners or cash buyers to sell.āAvailable financing remains a big issue in both the Pakistan and Bangladesh markets, and there are only very tentative offers emanating as a result, on mostly smaller LDT vessels.āContainer and dry bulk markets conti
GMS: Steel Plate Prices Not Yet as High as Hoped
As Diwali holiday celebrations concluded, Alang recyclers seem to slowly be filtering back to work amidst declining plates prices, sentiments, says cash buyer GMS, and local offerings that remain stagnant.āUnfortunately, this remains the ongoing dilemma across much of the Indian sub-continent ship recycling markets, especially as steel plate prices are yet to gain ground to the extent many in the industry had been hoping for thus farā¦
Ship Recycling Markets Remain Muted
Markets remain precariously poised as Diwali holidays occupy the sub-continent markets and the industry heads into the final months of the 2023, says cash buyer GMS. Although several sales have reportedly registered into India at some impressive levels, sentiments and pricing here remains muted overall.āOn the Eastern end and in the lead up to the Bangladeshi elections due in mid-January 2024 - disruptionsā¦
Ship Recycling Market Cools
Inflation, fundamentals, currencies (except in India), vessel pricing, and overall weakening sentiments have beset the ship recycling market over the past week, reports cash buyer GMS.The effects have been felt across all the sub-continent ship-recycling destinations (even Turkey to an extent), which have cooled by about US$ 20/LDT over recent weeks, says GMS. However, India and Bangladesh have reportedā¦
GMS: Pakistan and Bangladesh Lagging Behind Alang
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 recyclersā¦
Ship Recycling Market Surges
After a dire summer that saw over USD 100/LDT wiped off vessel recycling prices in Indian sub-continent ship recycling markets (and even Turkey to an extent), nearly all of the markets have enjoyed an upward resurgence entering the fourth quarter of the year.India has been the primary beneficiary of this recent resurgence with some stunning (container) purchases, some even approaching the USD 600/LDT mark once again, reports cash buyer GMS.
Ship Recycling Industry Expecting Fourth Quarter Boost
Despite the impending onset of various holidays at ship recycling destinations, India is poised to give sub-continent markets a boost as the industry heads into the fourth quarter.āWhile Indian aggression may ease up a touch as Diwali holidays descend, it is expected that Pakistan, and perhaps even a decidedly lackluster Bangladesh, may eventually step up in the weeks and perhaps even the final few months leading into 2024, helping secure any of the remaining unsold tonnage, or fresh ones that m
GMS Reports Feverish Buying in Ship Recycling Markets
Cash buyer GMS reports another week of āastonishingā activity in sub-continent ship recycling markets, with owners and cash buyers primarily focusing on the Indian market where several extraordinarily priced container sales reportedly took place over the recent weeks.The $600/ton mark was even exceeded on a container unit once again, in what seems to be the surest sign yet, that sentiments and demand in Alang are back on trackā¦
