The fundamentals in the international ship recycling market remained volatile for another week with little to no activity reported amid the currency crisis.
Ship-breaking import prices in India and Bangladesh were up by $10/LDT, w-o-w, while prices in Pakistan remained unchanged.
Sentiments firm in India
Due to festivities of Independence Day and Krishna Janmashtmi, the market remained largely quiet last week. However, the imported ship recycling market saw noticeably firmer activity and bids and local buyers were even successful in closing a few exceptional deals. Last week, for instance, a stainless steel tanker was sold.
Sadly, the situation at the local port was not very encouraging given that there were no fresh arrivals in the previous week.
Deals
Total tonnage at Alang Port last week was 25,308 LDT.
Bangladesh market hit by tighter L/C regulations
Bangladesh government is considering lowering L/C opening restrictions from $3 million down to $2 million. It is another devastating blow to Chattogram buyers who were more eager to fill up their vacant plots
And given the recently tighter L/C regulations, it is also uncertain whether any large LDT tonnage will be allowed to beach at all.
Deals
Total tonnage reported last week at Chattogram Port was 80,940 LDT.
Deliveries disrupted by heavy rain in Pakistan
The way to Gadani Port has been closed due to heavy rains and the possibility of some bridges collapsing, resulting in delay in deliveries.
Pakistani buyers have been severely lacking in tonnage over the past two quarters of the year due to an extreme lack of vessels on plots.
Total tonnage at Gadani Port last week was nil.
Prices in $/LDT
Source: SteelMint Research
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