The sub-continental markets (Bangladesh, India and Pakistan) have seen ship-breaking prices remaining the same w-o-w.
Meanwhile, few deals were reported in Bangladesh and India last week.
Bangladesh mostly firm
There were a decent number of inquiries for small and mid-sized tonnage as these can be recycled within a short span of time whereas there is very limited demand for larger vessels as they take much longer to break apart. Among the major three subcontinental markets, Bangladesh is yet again leading the price charts.
Deals
- A tanker, Polar Rock, of 16,620 LDT, was concluded at $645/LDT.
- A container, Da Fa, of 2,640 LDT, was beached at the port.
- An FSO, Ladinda (under tow), of 21,474 LDT, arrived.
- A tanker, Sun Wo, of 1,224 LDT, also arrived.
- Total tonnage reported last week at Chattogram Port was 92,262 LDT, down by 48% w-o-w.
India most affected
India is the most affected in the sub-continent recycling market and is well behind its counterparts (Bangladesh and Pakistan).
However, India still managed to secure a stainless-steel tanker last week. The Indian rupee (INR) is currently trading at 76.4 against the US dollar.
Deals
- A tanker, Maple, of 5,409 LDT, was concluded at $850/LDT.
- An oil tanker, Navion Stavanger, of 25,371 LDT, arrived at the port.
- A jack-up rig, Randolph Yost (under tow), of 19,313 LDT, also arrived.
- Total tonnage at Alang Port last week amounted to 99,209 LDT, up by 63% w-o-w.
Pakistan remains silent
The demand for tonnage remains stable. However, the ship owners are expecting higher prices, which the buyers are not ready to pay. This mismatch in price expectations has led to a quiet market since the past few weeks.
Deals
- A tanker, Queen Ematha, of 4,074 LDT, arrived at the port.
- Total tonnage at Gadani Port last week was reported at 15,955 LDT, up by 55% w-o-w.
What may happen?
The ship recycling market looks to finish the year quietly with few activities being witnessed over the past few weeks.
Prices in $/LDT
Source- SteelMint Research
Leave a Reply