Ship recycling market economies face an increasingly precariously future, reports cash buyer GMS.“While the Baltic Exchange Dry Index reported gains once again this week on the back of virtually all inclusive sub-sectors
Ship recycling market economies face an increasingly precariously future, reports cash buyer GMS.
“While the Baltic Exchange Dry Index reported gains once again this week on the back of virtually all inclusive sub-sectors reporting improvements of their own through the week, oil futures on the other hand seem to be taking a beating after levels clocked the week out at USD 59.50/barrel after Ukraine successfully carried out a massive drone attack against Russia’s largest oil refinery located at Novorossiysk. The U.S. Dollar meanwhile continues its carnage across the globe as it firmed at nearly all locations across the board while local steel plate prices in the two steady recycling destinations retreated in varying degrees.
“This double gut-punch targeted at the purchasing prowess of the ship recycling fraternity has driven demand and vessel offerings even further down this week as vintage tonnage starts to unexpectedly arrive at anchorages i.e. Bangladesh, which healthily beat India’s beaching quota for this week.”
With freight rates continually rising / yielding profitable results for relevant stakeholders, recycling sales have been slow for the most part of the year even though sales activity has comparatively picked up a touch since the barren summer slump, says GMS. Worse
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