As oil started to climb, freight followed suit, continuing to feed the already rising global inflation picture, while the U.S. Dollar wore the crown jewel of the week, rising notably against all
As oil started to climb, freight followed suit, continuing to feed the already rising global inflation picture, while the U.S. Dollar wore the crown jewel of the week, rising notably against all of the major international ship recycling markets, says cash buyer GMS. At the same time, local steel plate prices saw another volatile week across several recycling destinations as currency fluctuations and domestic demand influenced pricing levels across the Subcontinent.
“Behind the broader market volatility lies a challenging reality: assets under pressure, currencies depreciating, and businesses across several sectors facing tighter operating margins as higher energy costs ripple through the global economy. Trickling down, recycling markets are again facing fluctuating currency rates and unsettled recyclers, while rumors of anticipated shortages of fuel and gas continue to add to industry uncertainty.
“Incredibly, some sales were still confirmed during the week as MISC continued their clear-out of older units via 3x LNG tankers, alongside a few Capesize bulkers reported on private terms, as well as several Handymax bulkers from various owners. Bangladesh has once again been the prime mover of the market, as Pakistan and India can only stare on in admiration.”
GMS market rankings / pricing for week 11 of
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