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Currency Crash, Dearth of Demand Define the Ship Recycle Business
Sub-continent ship recycling markets (including Turkey) remained in a precarious position this week, with the recent decline in steel plate prices mixed in with the crushing depreciation of currencies that has led to a serious dearth in the global demand for tonnage, reports GMS.As a result, there have still not been any noteworthy sales at these new lower levels to justify some of the alarming news emanating from sub-continent markets…
Ship Recycling: What Goes Up, Must Come Down
The recent noteworthy drop in the Indian ship recycling market seems to have reverberated across the sub-continent recycling sector this week, as competing markets start to reverse their vessel offerings in near unison, according to GMS.Bangladesh has remained largely quiet for much of the week as they observe the ongoing price reductions, whilst local Recyclers expect further falls ahead.Indian steel plate prices have declined by nearly $45/LDT over recent weeks…
Ship Recycling: Steel Place Prices Jump
The last quarter jump in local steel plate prices (and at varying degrees) seems to have swept across all major recycling markets (including China) this week, according to recent market insights from GMS. The jump in levels varied from as little as $5/Ton from the Chinese market, all the way to $30/Ton on the Turkish end, with the sub-continent markets bridging the gap.Despite the dry sector continuing to perform surprisingly well and keeping the markets starved of bulker and container units…
Ship Recycle Prices Settle - GMS
Prices have settled into a new reality this week as end buyers get back to buying at levels just shy of the historical peaks seen this year, closer to (and in some cases, just over) $600/LT LDT from the market leaders, on high-spec units.It has been a phenomenal year for the sub-continent ship recycling markets thus far, which has seen prices more than double in the space of the last 12 months, especially as supply gets tight.
Markets: Ship Recycling Market Remains on Firm Footing
Indian sub-continent markets remain positioned on a largely firm footing, as a surprising shortage of tonnage keeps demand stuck high and prices propped up.The conclusion of Eid holidays has yet to see an increase in supply, despite the fact that the ongoing monsoon / summer holiday months could also be contributing to the overall sluggishness in the supply of units intended for recycling.After this…
Markets: Ship Recycling Prices Hold Steady
As the Bangladeshi market surpasses the previously unreachable threshold of $600/ton, the supply of tonnage appears to have dried up once again as the summer / monsoon holiday months continue at pace, according to GMS.Several deals were reportedly concluded into Chattogram this week, at levels well above the $600/LDT mark. However, competing markets have yet to follow suit, with both Pakistan and India…
Ship Recycle Prices Hurtle past $600/LDT
Demo markets continue their upward trajectory this week surpassing the $600/LDT barrier on a number of select units. This may be due to a general paucity in the overall supply of tonnage over these quieter summer/monsoon months, while local steel plate prices have regained momentum of late, especially after stalling a few weeks ago.Just how much longer this momentum will last remains to be seen. But for now…
Ship Recycling Rates Approach $600/LDT
Sub-continent markets continue to fire on during the summer / monsoon months, as firmer steel plate prices and an increasing lack of available tonnage has invariably pushed sub-continent offerings on to previously unthinkable levels.Not since the boom year of 2008 have we seen levels quite so high, and as the mythical $600/LDT draws ever closer, we will certainly see some fresh sales records being set from over the past decade.Notwithstanding…
Ship Recycling Prices March Higher, Doubling in a Year
Far from the traditionally expected slowdown during the monsoon / summer months, sub-continent recycling markets fired on at pace once again this week, and a slowdown in the supply of tonnage of late is likely contributing to some overly aggressive offerings from hungry end buyers.Steel plate prices in Bangladesh and Pakistan continue to firm, while India has cooled off and remains tentative on any fresh/incoming vessels, especially after a bullish last few weeks.Notwithstanding, there certainly
In Ship Recycling, it's "Tanker Time"
The ship recycling markets continues to perform well, according to GMS. The supply of tonnage remains primarily focused on wet and offshore units – particularly OSVs, FSUs, Aframax tankers, MRs and smaller bunkering tankers.In particular Pakistan has been leading the way with some of the best numbers on show (especially on choice units), although Bangladesh is not far behind them and even India is slowly (and surely) competing on select specialist vessels…
Ship Recycling Prices, Activity Remain at Historic Highs, say GMS CEO
Dr. Anil Sharma, CEO and founder of GMS, is a dominate player in the world’s ship recycling business. MR TV caught up with him in late June 2021 for insights on the pace and direction of ship recycling activity and pricing.Dr. Sharma, to start, can you give us an overview of the ship recycling market as you see it today?Thank you, Greg. Let's start with prices because that's the news of the hour. Today we are at about 70% of record numbers in the ship recycling market.
BIMCO: Ship Demolition Prices Spike, Tankers Lead the Way
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.This according to a report out today from BIMCO, which shows that so far this year,…
Ship Recycling: India Situtation Worsens, Prices Continue to Rise
Despite the escalating COVID-19 crisis unfolding across the sub-continent, ship recycling markets have remained remain firm.India has been hardest hit by this second wave of COVID-19, and the country is now recording over 400,000 new daily cases and more than 4,000 deaths. Pakistan, Bangladesh and Turkey are also recording increasing cases. Bangladesh has extended its nationwide lockdown for another week…
Ship Recycling Stymied by COVID Spread Through India
All eyes remain on the situation that is currently unfolding in India as each day brings with it record, numbers of Covid-19 cases & deaths as many hospitals across the country are running desperately low on oxygen supplies and vacant hospital beds.More than 400,000 cases are being registered every day now with well over 3,000 deaths being recorded on a daily basis – the highest of any country at any point of the pandemic.Understandably…
Market Report: In the Ship Scrapping Business, it is "Covid Chaos"
The increasingly growing concern this week has been the number of mounting Covid-19 cases across the sub-continent, especially in India, where the country hit a daily record infection rate of over 200,000 cases per day, placing an increasing pressure on an already strained healthcare system that is fighting to keep up with the number of sick.There is talk in India of another nationwide lockdown, as only the worst hits states/provinces are under quarantine at present…
Ship Recycling: Ship Scrap Prices Soar to Nearly $500/ton During the Pandemic
Dr. Anil Sharma is a wealth of knowledge on ship scrapping, having started GMS 25 years ago, getting into the business of buying and disposing of old U.S. MarAd and Russian navy ships as a sideline while teaching as a college professor in Maryland. Today his company is dominant in the field, and in the last year he has seen an unprecedented 70% run up on ship scrap prices, approaching $500 per ton. He weighs in on ship scrapping trends and direction.By Dr.
Ship Scrapping Market Sees Big Bookings
Several large LDT sales have taken place this week, as owners dip in to take advantage of the red hot sub-continent markets of the moment.Almost all of the locations saw some activity this week (market and private), with India even getting in on the act (despite being the lowest placed sub-continent market) with one high-priced stainless-steel tanker purchase registering for the week.With abysmal rates persisting across the sector…
Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices…
GMS Launches Korean Operation
GMS, a cash buyer of ships and offshore structures, has launched a new operation in Korea. The office will be headed by Gyungbae Gil, a trader who was based in Dubai.
Completed GMS Scirocco Gets first Contract
Gulf Marine Services the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, informed…
