GMS: Ship Recycling Market Bullish

Another week of speculation has passed in the Indian sub-continent ship recycling markets, as sales continue to register at ever increasing numbers to increasingly bullish cash buyers who certainly seem to be banking on a Q4 revival, says cash buyer GMS.

The chief proponents of this most recent and ongoing resurgence are India and a re-merging Pakistan market that is back and bidding once again after almost a year on the sidelines amidst political, financial, and disastrous economic chaos that nearly drove the country to a grinding halt.

Bangladesh meanwhile remains stranded at the foot of the sub-continent price rankings for another week, with truly lowball and non-serious offers emerging from any of the currently open Chattogram recyclers – who themselves are an increasingly dwindling group amidst these most recently limiting line of credit restrictions.

Turkey remains suspended in no-man’s land, says GMS, with currencies unchanged and fundamentals dancing around levels from last week.

Overall, there has been a noticeable increase in the number of container vessels that were concluded for a recycling sale in recent weeks. A couple more were confirmed this week as well including a Sinokor controlled unit at a highly speculative USD 589/LT LDT.

GMS has introduced the world’s first ship recycling digital platform named ‘Ship Recycling Portal’. The platform aims to revolutionize the way the sale and purchase of ships happens locally into sub-continent markets by offering a more transparent, efficient and convenient service.

For week 36 of 2023, GMS demo rankings / pricing for the week are: