Ship recycling markets saw the U.S. dollar surge against nearly all ship recycling nation currencies (except China) last week, reports cash buyer GMS.Steel plate prices firmed / declined / flatlined in a
Ship recycling markets saw the U.S. dollar surge against nearly all ship recycling nation currencies (except China) last week, reports cash buyer GMS.
Steel plate prices firmed / declined / flatlined in a series of confusing signals to ship recyclers and the industry at large. “The recent trimming of tonnage at the bidding tables also seems to be easing as local port positions in both India and Bangladesh reported a healthy collection of arrivals and deliveries this week.”
In Bangladesh, the recent backlog of vessels idling outside, awaiting their respective NOCs that built up across April also saw several deliveries ensue this week as exemptions came through from the ministry to recently approved Hong Kong Convention yards. A series of units committed to non-certified yards remain stranded outside port limits.
“Pending Hong Kong Convention upgrades aside, markets overall feel like the they have been cornered as diminished pricing and confusing fundamentals have left sentiments uncertain and demand anemic,” says GMS.
With Hong Kong Convention hurdles shifting the recent focus of vessels to the more active Indian (or non-Hong Kong Convention Pakistani) markets, unfolding economic constraints stand to pressure prices down even as freight markets start to settle and charter rates
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