Cash buyer GMS has seen positive movement in the sub-continent ship recycling market, according to Marinelink.
Glimmer Of Hope
Several bulker and container ship sales were made as the market firmed. India remains the primary recipient of recent fixtures because of firming local steel prices, far more workable L/Cs, and even a stabilizing demand.
“Bangladesh, meanwhile, is still struggling to get back on its feet after a torrid few months that saw PM Hasina resign and flee the country, an interim government that is struggling to regain control, and chronic flooding covering large swathes of the country.”
Pakistan remains completely out of the picture, says GMS, stranded far behind its sub-continent ship competitors who have only moved further this week.
“Overall, as India’s glimmer of hope stirs recycling sentiments from their summer slumber, only time will tell whether this pricing trend will pervade across all markets.”
GMS demo rankings/pricing for week 39 of 2024 are:
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Source: Marine Link
