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GMS Market Commentary on Shipbreaking in Turkey in Week 27 - WHAT’S NEXT?

Steel News - Published on Wed, 10 Jul 2019

Image Source: SteelGuru
Rentals remain rigid in Turkey ie distressed and relatively unmoved, the aching question in the minds of industry players (Aliaga recyclers, Ship Owners, and Cash Buyers alike), is “What’s Next” for this market. Local steel plate prices have been stranded at region USD 290/MT for over a month now and the local currency although firmer than that from last week still relatively weak today at TRY 5.62 against the US Dollar, when the week ended.

The hurtful shortage of supply of tonnage has encouraged local Buyers to keep their offers elevated well above what local fundamentals “could” justify, yet, local purchases have remained few and far between.

Even though Ship Owners could enjoy some firm-ish offerings from the Turkish markets for the time being, as subcontinent levels continue to dither, Turkey may eventually re enter the limelight for decent LDT units opening up in the Med.

Source :

Posted By : Ratan Singh on Wed, 10 Jul 2019
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