Asian ship breaking market has observed stability in terms of prices this week with a couple of large LDT deals being concluded in major markets.
Demand in Bangladesh market has remained stable as buyers are filled with tonnage. Sources reported Large LDT Capesize and VLOC tonnage are coming frequently into the market and this leads to over-supply of vessels that results in selling the vessels in Indian or Pakistani market.
As per report, three vessels were traded in the Chittagong port, a Singapore owned Berge Bulker was traded, namely BERGE ENTERPRISE (25,285 LDT) at USD 395/LT, another a Chinese owned Caper name BLUE ISLAND 8 (19,233 LDT) at USD 396/LT and finally the MR tanker CAVALIER (9,606 LDT) at USD 370/LT. And the total tonnage reported in the Chattogram port last week was at 153,266 LDT.
Thus with this deal, the prices in Bangladesh stood firm at USD 390/LT for Containers, USD 370/LT for Dry bulk and USD 380/LT for Tanker.
However, demand in Indian market has remained limited over falling domestic steel prices, meanwhile as per sources a container vessel was traded to Alang buyers, namely PURKI (4,950 LDT) at USD 412/LT.
The Indian Rupee remained as against the US dollar i.e, near to INR 71. The total tonnage reported in the Alang port, India last week was at 52,861 LDT. The prices of imported ship breaking stood at USD 400/LT for Containers, USD 380/LT for Dry bulk and USD 390/LT for Tanker.
Meanwhile, Pakistan market is gearing up with increased supply of vessels in Gadani port. In line, a Singapore owned Bulker was traded, namely UNITY (7,433 LDT) at USD 385/LT. Further, the total tonnage reported in the Gadani port, Pakistan last week was at 2,125 LDT. With strong supply of vessels & tankers this may be the best opportunity for Pakistani buyers to standup & increase tonnage. The prices remains same and stands at USD 380/LT for containers, USD 360/LT for Dry Bulk & USD 370/LT for Tankers.
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