Ship Breaking News

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), leaving sentiments under pressure.

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, where levels too hit a record $500/Ton for a brief period, only to plummet about half in value (about $250/MT) in a rather short period…

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 in testing the waters and welcoming firm offers, especially those that are above $500/LDT.On the back of this seemingly positive note, one or two market sales of note even materialized this week and it does seem as though prices have bottomed out and sentiments have flatlined after losing a rather rattling $200/LDT, seen from the peaks witnessed earlier this year.Bangladesh continues to struggle with L/C financing limits, but the IMF loan is reportedly in the works of being approved and with most yards currently lying empty…

Any vessels that were made available over the past few weeks have swiftly been withdrawn as recycling markets show an ineptitude to offer any sort of serious numbers, having seemingly forgotten how to buy ships after a prolonged period on the sidelines.Consequently, there have been no market sales for another week, especially as freight markets continue to impress across all sectors and recycling markets remain unchanged, depressed, and starved of tonnage all at once.Constant currency depreciations have been the chief culprit and there seems to be a lack of confidence to import vessels…

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, it is hard to gauge where prices really stand today, with so few buyers either having the capabilities to open an L/C & perform on any sizeable vessel…

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 – 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 week, whilst the country continues to battle floods…

The degraded performance across the ship recycling sector over the last few (and painful) months shows few signs of abating just yet, as it has been a veritable tale of misery, even though prices remain at some of the firmest levels we have seen over the last decade. Down from the peaks of $700/Ton, levels nearly $100/LDT lower have left a bad taste in most mouths in the industry.Certainly, the last time prices crashed from the psychological $700/LDT barrier was back in 2008, when even %800/LDT was briefly breached during the unprecedented boom years of the shipping industry…

Following the recent dramatic price plunges which have seen almost $100/LDT wiped off prices, the ship recycling industry in the Indian sub-continent seems to be taking a bit of a pause, as end buyers remain less than confident to offer any firm prices with certainty, according to GMS.Adding to the frustration is the minimal number of candidates currently available to work on, such is the bullish state of all freight sectors. Accordingly, we may see a prolonged summer/monsoon lull across all sub-continent recycling locations.On the West end…

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 combination of the two have likewise afflicted Bangladesh.A global currency meltdown at the major recycling destinations has also been unfolding…

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 (especially in Pakistan this week alone) have left nearly all of the major recycling…

As holidays descended across much of the sub-continent over the last week, activity and sales logically slowed as the recycling industry enjoyed a bit of a breather.Certainly, the recently ebullient Bangladeshi market has fallen out of contention over this past month, as domestic sentiments and pricing endured a sustained dip, despite having led the industry for much of this year.Instead, it is the rampant Pakistani and Indian markets that continue to lead the way and continue…