Ship breaking prices in Asian markets have decreased by USD 10/LT W-o-W due to increased supply amid limited trades.
In recent weeks, ship breaking market remained dull with low sales and also no major trades were reported in the last week except in Alang port, Indian market. And the reason behind this slowdown reported that in several yards, cash buyers are in wait & watch mode rather than booking new tonnage, as per GMS reports.
However, demand in Indian market has remained limited, as per sources a vessel was traded to Alang buyers, namely BLACK EAGLE (13,419 LDT) a US owned Container at USD 361.50/LT.
The Indian Rupee again weaker as against the US dollar I.e near about INR 71.50. The total tonnage reported in the Alang port, India last week was at 117,140 LDT. The prices of imported ship breaking fall by USD 10/LT W-o-W to USD 400/LT for containers, USD 380/LT for dry bulk and USD 390/LT for Tanker.
Furthermore, in South Asia, sales activities remain flat in Bangladesh. As most of the end buyers were refusing to commit any sales & currently in wait & watch mode due to uncertain market direction. Inline local steel prices in Bangladesh also decline over fluctuating international market & react negatively to the novel coronavirus outbreak, which will have implications on scrapped ship needs and prices.
Meanwhile, the offers decreased by USD 10/MT W-o-W and stood at around USD 380/LT for Tankers, USD 390/LT for containers & USD 370/LT for Dry Bulk. And the total tonnage reported in the Chattogram port last week was at 136,920 LDT.
As per sources, enquiries increased in the Pakistan scrapped ship markets, however no major trades reported, as cash buyers are still a way behind from booking vessels. In recent weeks, the imported scrap prices to Pakistan down by USD 10/LT and stands at USD 380/LT for containers, USD 360/LT for Dry Bulk & USD 370/LT for Tankers. The total tonnage reported in the Gadani port, Pakistan last week was at 2,371 LDT.
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