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GMS Market Commentary on Shipbreaking in India in Week 20 - ELECTION ANTICIPATION!

Steel News - Published on Wed, 22 May 2019

Image Source: Leemans Maritime Consultancy
The Indian election is edging ever closer, with the results expected to be announced on May 23rd. With 900 million people eligible to vote, this will be the largest election the world has ever seen to date, and it is expected to be a straight shoot out between Mr. Modi and Mr. Rahul Gandhi. Most in the ship recycling industry and the wider business community are hoping to see Mr Modi retain power, and this may in turn bring with it, a greater stability on the currency and commodity prices (which have recently started to turn negatively once again). As declining Bangladeshi prices inch ever closer to those from India – making Alang a potentially increasingly viable market, declining domestic steel plate prices (that have fallen another USD 7/ton overall) and a declining currency (that has further weakened to about INR 70.30 against the US Dollar) have made matters difficult on their own, for the Indian market.

On the sales front, Sinokor of South Korea continued their clear out of older tonnage this week as their container vessel SAWASDEE BANGKOK (6,960 LDT) was fixed for a very firm USD 468/LT LDT with a delivery to the full sub continent range in the Buyer’s option.

MARKET SALES REPORTED
VESSEL NAMETYPELDTREPORTED PRICE
SAWASDEE BANGKOKContainer6960USD 468/LT LDT
 

Source :

Posted By : Ratan Singh on Wed, 22 May 2019
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