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GMS update on Shipbreaking in India in Week 51 - STELLAR YEAR END!

Steel News - Published on Thu, 28 Dec 2017

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The Indian ship recycling market has enjoyed a stellar end to the year, with rampant demand and firming prices that have captured recycling headlines with each passing week. In fact, even the seemingly impossible USD 500/LDT mark was breached last week, on a rather unexpected / insignificant (but high spec) small LDT research vessel.

These firming prices have helped the Indian market rake in their share of tonnage over the recent past and this week was no exception to this recently established rule. While the other competing markets ended the week on a quieter and a no-sale week, the Indian market was the only destination that managed to take in two of the working vessels this week.

Vale sold their 44,362 Ton ore carrier ORE FABRICA for a whopping USD 440/LDT basis strictly green recycling to an HKC SoC yard. Additionally, SMT sold their 15,324 Ton self-unloading bulker KRAKOW for a comparatively modest USD 430/LDT.

On the local fundamentals front, the currency and local steel prices have earnestly conspired to cook up the perfect end of the year treat for Cash Buyers and Ship Owners alike and India has, as a result, been the most impressive recycling destination in this last month, especially as Pakistan suffered through its currency crisis and Bangladesh remains inexplicably muted.

Overall, India continues to take in a majority of the vessels sold for green recycling this year (although Turkey has delivered stiff competition for geographically positioned units) and this is true just as well with the Chinese recycling yards, who have been a non-entity at present.

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Posted By : Nanda Koijam on Thu, 28 Dec 2017
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