Even though dry markets were up for the week by 1.6%, overall, they have declined a massive 24% this month (according to Baltic Exchange Dry Index), reports cash buyer GMS.This comes as
Even though dry markets were up for the week by 1.6%, overall, they have declined a massive 24% this month (according to Baltic Exchange Dry Index), reports cash buyer GMS.
This comes as oil climbed over 3% to end the week at nearly USD 64.50/barrel, in the face of OPEC+ countries now reversing course on increasing output amidst a rampant decline in global energy demands.
Sub-continent markets have also had to endure knock on effects of the tariffs as the standoff between China and the U.S. remains of particular concern for Indian sub-continent ship recyclers and the likelihood of excess quantities of tariff-afflicted cheaper Chinese steel resuming resales into the sub-continent markets again.
“Moreover, reciprocal tariffs will certainly affect locations where sub-continent markets resell their materials to and as such, until the tariff landscape is ironed out, it remains difficult to gauge what the overall impact will be on the ship recycling sector, including vessel prices moving forward,” says GMS.
The 90-day tariff pause has brought some respite from what was expected to be a busy second half to the year - in terms of a supply of backlogged vintage ships for recycling sale including many 90s built bulkers and
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