December has brought with it a declining Baltic Exchange, reports cash buyer GMS. This saw the Dry Index fall by about 3%, this week, dragged down by mounting pressure across all segments
December has brought with it a declining Baltic Exchange, reports cash buyer GMS. This saw the Dry Index fall by about 3%, this week, dragged down by mounting pressure across all segments that saw capes slipping 4.4%, panamax dropping 1.4%, and the smaller segments shedding five basis points, all while oil barely moved the needle as it closed another week at region USD 59.70/barrel (expected to breach USD 60/barrel in the coming week) and inflation reported minor improvements at a couple of key ship recycling destinations.
But it was financial currencies that really battered both India and Bangladesh, all while Turkey perennially decorated the top three of the declining currency marathon that it alone has been on.
Not wanting to be left behind, local steel plate prices also fell by just under USD 5/ton across all sub- continent recycling destinations, leaving ship recyclers firmly holding off on further negotiations as the week ended.
“As such, the lack of tonnage has delivered yet another characteristically low supply of vessels for a few weeks now, especially considering the lack of the occasional large LDT LNG vessels (with around 15 sold so far this year) drying up as freight rates continue to remain
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