GMS
GMS News
India and Pakistan Ship Recycling Market Bullish
Bullish buyers in both, the Indian and Pakistani markets, continue to push on for another week as they manage to secure some of the recently recorded, high-priced sales from both the dry bulk and container sectors, reports cash buyer GMS.“Some of the recent container sales in particular have caught the eyes of many in the industry, especially as levels gradually edge back up into the high USD 500s/LDT (approaching USD 600/LDT)…
GMS: Ship Recycling Market Bullish
Another week of speculation has passed in the Indian sub-continent ship recycling markets, as sales continue to register at ever increasing numbers to increasingly bullish cash buyers who certainly seem to be banking on a Q4 revival, says cash buyer GMS.The chief proponents of this most recent and ongoing resurgence are India and a re-merging Pakistan market that is back and bidding once again after almost a year on the sidelines amidst political…
GMS Debuts Ship Recycling Portal
GMS launched a Ship Recycling Portal digital platform that aims to revolutionize the ship recycling industry by making the sales and purchase of end-of-life vessels more convenient, transparent, and efficient.The Ship Recycling Portal is a specialized vessel auction platform designed to streamline the sale of ships directly to shipyards for recycling. With it, GMS claims, ship recyclers have the flexibility…
A Glimmer of Optimism Shines in Ship Recycling Market
A glimmer of optimism seems to have been aroused in the sub-continent ship recycling markets this week, reports cash buyer GMS.The sentiment comes as several units were reportedly concluded to optimistically fervent cash buyers (at increasingly firmer levels) who are perhaps eager to book tonnage pre-Monsoon end. This could potentially satiate some of the forthcoming increase in demand from the sub…
"Slim Pickings" on Available Tonnage for Ship Recycling
After some recent declines in the sub-continent markets, the ship recycling market appeared to have reached the bottom early this week as a certain “stability” across the markets led to some greater confidence to acquire some of the slim pickings of tonnage currently available for recycling.However, as the week came to an end, global currencies seemed to suffer against the U.S. Dollar in unison, as all of the major ship recycling destinations faced some declines (especially in Pakistan)…
Ship Recycling Market Slows
As the ship recycle market enters a period of contraction going into the traditionally weaker and quieter summer / monsoon months, sentiments have declined across the sub-continent markets (and even Turkey) this week, according to GMS. To compound the bearish ship recycling sentiments, local steel plate prices have further weakened at key destinations and LME steel futures show few signs of any sort of recovery in the immediate future.That said…
Ship Recycling Market Remains Strong
Recycling markets remain firmly poised for another week, following a stunning resurgence by the Bangladeshi market (in particular) that leaves them atop the price rankings board.Levels close to and even over $600/LDT are now being regularly presented on various vessels and this is inducing more Ship Owners to sell their vessels, especially as freight rates in the dry bulk and container sectors are…
Second Bangladesh Ship Recycling Yard Earns HKC Compliance
M/S. S.N. Corporation’s Unit-02 ship recycling yard at Shitalpur, Sitakunda is now the second ship yard in Bangladesh to become compliant with IMO's Guidelines for Safe and Environmentally Sound Ship Recycling. The certification process was undertaken by Nippon Kaiji Kyokai, establishing that S.N. Corporation was capable of the intensive procedural and performance standards required under the Hong Kong Convention (HKC).
Bangladesh Powers Ship Recycling Market
It is the Bangladeshi market that has been impressing everybody of late (and for yet another week) with a lot of pent-up demand being realized and even news of some choice purchases at decent numbers on units that have managed to receive L/C approvals.Indeed, we have once again seen levels over $600/LDT in Bangladesh for the first time since the same time last year, and competing markets are increasingly…
Ship Scrapping Business Picks Up with Dry Bulk Swoon
This week, several more sales have registered as sub-continent ship recycling markets come roaring back – and a previously subdued Bangladesh starts to seemingly find some form once again, with some workable L/Cs from privately financed (rather than state controlled) banks.Despite the ongoing discussions about an IMF loan in the amount of about USD 2 - 3 billion, end buyers have been working to find…
Feeder Container Sectors Helps Turn Ship Recycle Market
An increase in the flow of tonnage has begun to buoy recycling markets and all potential locations are increasingly trying to secure vessels, in order to satisfy an progressively rampant demand that has built up over a record low influx of tonnage during a dreadfully quiet 2022.India continues to remain the primary focus due to their far more stable market conditions and ability to finance new L/Cs…
Ship Recycling Market Continues to Improve
Another solid showing from sub-continent markets has given encouragement to ship owners and cash buyers, to start testing potential prices with firm candidates. Indeed, several deals have been concluded off the back of these improved numbers, including one more Capesize bulker at firm levels basis an ‘as is’ Singapore delivery.Now that the Chinese New Year holidays have concluded, the expected bounce in freight markets has yet to materialize…
Ship Recycling Prices Perk Up
Following a virtually inert 2022 and a slightly busier start to 2023 at the various recycling destinations, much of the Far East was off celebrating Chinese Lunar New Year holidays this week and it has expectedly been a quieter period - in terms of sales and activity.A larger number of container vessels have so far been sold for recycling at the start of the year, and we are beginning to see signs that older dry bulk vessels with surveys due may follow suit in the near future as well.Additional
Ship Recycling ticks up; Supply Needed
A degree of increased positivity has entered recycling markets this week, said GMS, as prices push on in both India (off the back of firming steel and settling currencies) and Bangladesh (off of a rising demand and a currency that has recently found its stability around BDT 105).In fact, a number of sales have reportedly even taken place at increasingly firm numbers, giving ship owners a greater sense of confidence to offer their recycling candidates up for sale…
Ship Recycling Endures a Turbulent 2022
Like much of the world, one word adequately describes the ship recycling market in 2022: turbulent.According to GMS, prices reached decade long peaks above $700/LDT in the first quarter of the year before crashing back down by about $200/LDT, with certain trades seeing below the $500/LDT barrier and even into the high $400s/LDT on certain occasions.On the West End, the situation was no different in Turkey…
Ship Recycle Market Shows Some Positivity
After the last few weeks of insufferable performances from the major recycling markets, a shade of positivity was observed this week, as owners seem more confident…
Ship Recycling Prices Continue to Slide
According to GMS, "some unbelievably low and unrealistic offers" have started to emerge from sub-continent markets this week, and as such, both owners and cash buyers would be well advised to leave ship recycling destinations alone for the time-being, especially until some sort of floor is reached and stability regains a foothold.It has become increasingly difficult to obtain any firm or serious offers from any recycling market…
Shipbreaking Market Continues to Dim
The world gathered this week at a ship recycling conference in Dubai, for the first time in three years due to the onset of the pandemic. The big topics of the day were discussed, including various green and ESG measures being introduced to secure the sustainable future of recycling of older seafaring assets.Of course, there has been minimal activity to speak of in terms of sales, as we usually see one or two (market / private) deals being concluded and rates rising during the TW conference…
Ship Recycling Market Slows to a Crawl
Sub-continent ship recycling markets appear to have disappeared back into the ether for another week, as trading markets rebound and candidates for recycling start to dissipate. In recent weeks, volatile steel plate prices, a constantly deteriorating currency and starved U.S. Dollar credit lines across India, Pakistan and Bangladesh have all led to a near total halt on buying at anywhere near respectable levels.As such…
Ship Recycling Prices Soften (again)
Sentiments have softened across sub-continent markets once again this week, as buyers appear increasingly reluctant to commit on fresh tonnage while fundamentals remain so shaky – especially as the markets have witnessed across the last couple of weeks, where currencies and steel plate prices took turns in tumbling.The Pakistani Rupee has breached historical lows and despite the odd flash of appreciation…
