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GMS update on Shipbreaking in Turkey in Week 41 - LEVELING OFF

Steel News - Published on Fri, 20 Oct 2017

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After a rather shocking couple of weeks in the Turkish ship-recycling industry, Turkish recyclers are finally finding some stable footing on even ground this week. Not only did the Turkish Lira improve marginally (from the lows of TRY 3.7x to mid TRY 3.6X at the time of writing), prices from Turkey bounced back USD 10/MT this week as well as local optimism of a possible rebound remained high.

This has certainly eased the edge of some of the recent fixtures where several units were reportedly fixed in the high USD 200’s/MT and Ship Owners and Cash Buyers were either fearing imminent renegotiations at the time of arrival or potentially taking big hits on their deliveries. Although the bounce back may not be sufficient for some of these deals, every little improvement certainly helps soften the blow.

Notwithstanding, news is that further improvements are excepted in the weeks ahead, especially after positive-news from China starts to trickle through to the remaining markets.

As such, for later deliveries, Turkey may well become the market to keep an eye on.

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Posted By : Nanda Koijam on Fri, 20 Oct 2017
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