South Asia: Ship breaking prices remain stable in recent deals

Asian ship breaking market remained stable this week, with few deals being concluded in major markets.

India

Demand in the Indian market picked up slightly as steel prices have gained in recent weeks. The prices of imported ship breaking stood at $360/LT for Containers, $340/LT for Dry bulk and $350/LT for tankers.

• The Indian Rupee weakened to INR 74.60 against the U.S.Dollar.
• A Cruise ship namely KARNIKA (29,773 LDT) was sold via auction to Alang buyers, at USD 380/LT LDT (‘as is’ Mumbai).
• The total tonnage reported in Alang port last week was at 60,628 LDT. A MPP namely Ranger 4,250 LDT (Under Tow) was reported at the port.

Bangladesh

The Bangladeshi market remained somewhat behind their sub-continent competitors and it was unsurprising to see the sales board blank for another week, as both sub-continent competitors have secured their share of tonnage.

• The prices in Bangladesh stood firm at $370/LT for Containers, $350/LT for Dry bulk and $360/LT for Tanker.
• The total tonnage reported last week in the Chattogram port was at 25,188 LDT. One Vehicles Carrier beached in the port namely Single Eagle (4,595 LDT).

Pakistan

The nation still remained the highest paying recycling port in South Asia and has secured most of the non HKC green recycling units on offer over the recent months, with the prices at $380/LT for containers, $360/LT for Dry Bulk & $370/LT for Tankers.

As of now, Gadani Recyclers have booked their plots with tonnage over the preceding months, so it may be that the next tier of less aggressive buyers start to bid on tonnage at lower levels towards the end of the year.

• A Chinese owned Bulker (converted from tanker) WELVIEW (16,916 LDT) was sold at $ 385/LT.
• The total tonnage reported in the Gadani port, Pakistan last week was at 57,461 LDT. A tanker, Livramento (9,000 LDT), was reported at the port.