Sub-continent recycling markets have been on a negative spiral of late, especially ahead of the quieter monsoon season, reports MarineLink citing cash buyer GMS.
Testy times for ship recyclers
“Pakistani and Bangladeshi recyclers need to speed up their readiness and ensure yard compliance with the Hong Kong Convention by June 26th. While nearly all Indian yards are certified, the focus shifts to neighboring Pakistan and Bangladesh to get their facilities up to speed – and do it soon.”
No Objection Certificates on ships have meanwhile been granted as an exemption just this time, resulting in a busy anchorage not only in Bangladesh, but also in India, all whilst Pakistan remains stranded for a third week with no fresh arrivals.
“Flatlining/declining steel plate prices including mixed performances by currencies (even Turkey) also didn’t help move the pricing needle at any recycling destination, especially given that the overall number of candidates has simply disappeared from the bidding tables of late, and ship owners collectively wait to see the eventual outcome of trade negotiations in the coming weeks before evaluating freight rates and deciding whether to continue trading their older assets at reasonable/above opex levels, or a trip down recycling lanes is on the charts. Certainly, a hot cup of testy times is on the menu for May.”
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Source: MarineLink
