Asian ship breaking prices remained stable during last week. Few deals were concluded in India & Bangladesh.
Bangladesh
For the past couple of weeks, Bangladesh has been consistently leading the way in the sub-continent recycling market. This week too it has led the way with some stunning offers and purchases leading to some aggressive Cash Buyer acquisitions. As per the sources, buyers are starting to become more cautious, as monsoon is about to approach and tonnage is starting to pile up in local yards.
- One FSU – the DARIN STAR (40,970 LDT) from Nathalin was committed at $455/LT on ‘as is’ basis Linggi, Malaysia delivery.
- The total tonnage reported last week in the Chattogram port was 152,914 LDT.
- Two tankers – Alsatayir (17,742 LDT) & Fortune Glory Xli (10,659 LDT) arrived at the port.
- An OBO – Topaz 1 arrived at the port (45,865 LDT).
India
India was able to force its way back into the fray of things this week. As per sources, steel prices continue their volatile dance over the course of each passing week. The Indian Rupee continues to trade firmly at INR 72 against the U.S. Dollar, leaving India well-positioned and competitive going into the second quarter of the year.
- One Chemical Tanker – LARIS (5,626 LDT) was concluded to one bullish local buyer at $850/LT with about 1,100 t of solid stainless steel 316L on board.
- A Chemical Tanker – Sam arrived at the port (10,950 LDT).
- The total tonnage at the Alang port last week was 22,471 LDT.
Pakistan
Pakistan continued to struggle last week. As per the sources, Pakistan missed one or two large LDT vessels in recent weeks, buyers have started to become frustrated and offered some truly impressive numbers, some even exceeding those from Bangladesh. Gadani Buyers have ended up empty handed for another week and may have to improve their numbers even further.
- Total tonnage reported at the Gadani port last week was 40,189 LDT.
- A Bulk Carrier named Merciful (9,796 LDT) was beached at the port on 24th Mar ’21.
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