GMS
GMS News
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 āas isā Singapore delivery.Now that the Chinese New Year holidays have concluded, the expected bounce in freight markets has yet to materializeā¦
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 saleā¦
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 Turkeyā¦
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 confidentā¦
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 marketā¦
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 conferenceā¦
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 suchā¦
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 ā 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 appreciationā¦
Ship Recycing: Plates Plunge
While activity seemed as though it had been steadily increasing going into the final quarter of the year, the last couple of weeks have sent mixed signals as to whether the fourth quarter will actually be better for the ship recycling sector as many have been anticipating.A couple of weeks ago, we saw currencies plummet in Pakistan and Bangladesh to the point, a wait-and-watch attitude encompassedā¦
Markets: Ship Scrapping Perks Up
Following the sale of Capesize bulkers for recycling last week, the trend has continued this week as well, with further transactions reportedly taking place on units ā including Capes and a Suezmax tanker, as the market finally shows signs of life after an absolutely inert summer, according to GMS.All of the major ship recycling destinations are still poised rather precariously, and Pakistan has seen some further depreciations on the currency towards the end of this weekā¦
Ship Recycling Market Slows with Dearth of Tonnage for Scrap
Sub-continent markets are going to be (seemingly) deprived of tonnage in the foreseeable future, as recycling rates continue their downward descent and tighter restrictionsā¦
Fears Grow in the Ship Recycling Market
Fears and concerns across the sub-continent recycling markets continue to grow as local currencies across all major ship-recycling destinations continue to worryingly depreciate by the day and some even tougher restrictions reportedly set in place on the opening of fresh Letters of Credit (L/Cs) in Bangladesh this week, as the foreign currency crisis in the country deepens further.In fact, the currencies have been such a source of frustration for the ship recycling community that the U.S.
Strong Dollar Adds Instability to the Ship Recycling Market
As the ship recycling sector continues to try and adjust to these new lower realities on price, in addition to adhering to new regulations on L/C limits amidst a dire shortage of U.S. Dollars foreign exchange / reserves in both Pakistan and Bangladesh, the industry is certainly going through an uncertain period.This week, the Bangladeshi government introduced new limits to cap the outgoing volume of U.S.
Ship Recycling Market's 'New Normal' is Turmoil
All of the major global recycling markets remain in turmoil for yet another week, with very few offers forthcoming (matching the near invisible number of units currently available for recycling), in addition to an utter lack of confidence from Recyclers across all locations that any sort of recovery is quite clearly not in the ropes anytime soon.There is the ongoing excruciating reminder that there are virtually no candidates to work onā¦
Ship Recycle Market Continues Downward Trend
The ongoing sub-continent collapse in prices fully materialized this week, with all sectors talking down the market and refusing to offer anew on any fresh tonnage whilst they wait for markets to stabilize. As the Ukraine conflict endures, fundamentals continue their collapse at all of the major recycling destinations, as plate prices take turns to precipitously plummet (in India this week) and a combinationā¦
Ship Recycling Prices Continue Downward Trend
Another woeful week of declining sentiments has left all of the major global ship-recycling markets on edge as the industry approaches the summer / monsoon months in the sub-continent. Moreover, it seems doubtful (at present) that any more noteworthy deals will likely be concluded, especially with the industry in such a state of disarray.Depreciating currencies and plummeting steel plate prices (especiallyā¦
Ship Scrap Prices Take a Turn for the Worse
Sub-continent markets have taken a turn for the worse this week, as collapsing steel prices in India and Eid holidays in Pakistan, Bangladesh, and Turkey have led to depressed sentiments and virtually no new offers emanating on any available tonnage.Most end users now want to wait-and watch-market developments before offering anew on vessels at far lower levels that seem more in line with the realisticā¦
Shipbreaking: Starved of Supply!
India finally leads the way on pricing this week, as all of markets i.e. Pakistani, Bangladeshi and even the Turkish markets work their way towards Eid holidays and the end of the Holy month of Ramadan, GMS, which describes itself as the world's largest buyer of ships & offshore vessels, said in its latest weekly commentary.In fact, GMS said, several markets are likely to be closed anywhere from aā¦
Markets: Volatility Remains in the Ship Scrap Market
It has been another challenging week in the sub-continent markets, with a resurgent India and a Bangladeshi market that is still reeling from some of the recent falls in local steel, which have seen nearly $50/LDT knocked off the prices this week alone, according to GMS.India has managed to regain over half of the falls seen over the previous few weeks, but the market overall does remain extremely volatile.Commodity prices and volatile currencies show few signs of cooling off any time soonā¦
