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GMS Market Commentary on Shipbreaking in India in Week 23 - LACKING BITE!

Steel News - Published on Wed, 12 Jun 2019

Image Source: Leemans Maritime Consultancy
As the only sub continent market active during this week, due to ongoing Eid holidays in Pakistan, Bangladesh and Turkey, it was a surprise not to see India pick up more of the working tonnage this week. However, at least one sale did register to Alang Buyers as the stainless steel chemical tanker BOW JUBAIL (11,049 LDT) was confirmed at a WHOPPING USD 835/LT LDT, given the vessel’s impressive 2,250 Tons of solid stainless steel contributing to the massive price on show (India clearly highlighting its maturity when picking up non- ferrous rich tonnage).

Meanwhile, post-election victory for Mr Modi has seen local steel prices lose USD 10/Ton overall this week, in some worrying signs. The Rupee however continues to trade in the low INR 69s against the US Dollar, offering a contrasting sense of encouragement to the unending volatility of plate prices.

In other news, the audit and approval of recycling yards by another major European class society shows that the industry is rightly moving forward and casts a shadow of doubt on the real intent and authenticity of EU regulators towards the quality of green recycling at Indian yards.

As it stands, 77 recycling yards in India are HKC SoC compliant by at least one of the major Class societies (Class NK, RINA, and IR Class) and it may not be long before every recycling yard in Alang has upgraded its facilities to be compliant with the Hong Kong Convention.

MARKET SALES REPORTED
VESSEL NAMETYPELDTREPORTED PRICE
BOW JUBAILTanker11049USD 835/LT LDT (with 2,250 MTs solid stainless steel on board)
 

Source :

Posted By : Rabi Wangkhem on Wed, 12 Jun 2019
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