South Asia: Ship breaking prices remain stable in recent deals

Asian ship breaking market remained stable in the last week. Few deals were concluded in Bangladesh.

India

Demand in the scrapped ship market remain moderate as local steel prices have come off in India over the last few weeks. The prices of imported ship breaking stood firm. However, the Indian Rupee weakened to INR 73 against the U.S. Dollar.

• Total tonnage reported in Alang port last week was 41,868 LDT.
• An LNG, named Ran Senshu Maru (30,296 LDT) arrived at the port.

Bangladesh

The Bangladeshi market remained somewhat woeful as most owners have decided to temporize their sales and continue trading their respective units, especially as freight markets remain relatively firm. There is hope that with a halt in the decline some stability returns to the market. Prices in Bangladesh also stood firm in the last week, however few distressed sales were reported.

• Handymax Bulker SEAPOL ENDEAVOUR (8,100 LDT) sold for $435/LT
• The PIL container SALAM MEWAH (5,309 LDT) managed to fetch $460/LT

The total tonnage reported last week in the Chattogram port was at 66,500 LDT.

Two General Cargo beached in the port namely Dalian (12,723LDT) & Sunny Sky (2,316 LDT).

Pakistan

With Gadani Recyclers having booked their plots there might be less aggressive buyers left in the market with most end buyers preferring to wait-and-watch market developments. No major deals were reported in the last week.

• The total tonnage reported in the Gadani port last week was at 34,431 LDT.
• Two tankers, NBCO 3 (2,680 LDT) & Soho (7,550 LDT), were beached in the port.

Prices in $/LT
Source- SteelMint Research