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GMS weekly report on ship breaking industry for WEEK 48

Steel News - Published on Tue, 30 Nov 2010

With the future of the Bangladeshi market still unclear, it has been left to Pakistan and India to pick up the reigns in recent weeks, something that they have done with aplomb.

Some more high profile vessels and prices were on show once again in India as Pakistan continued their recent resurgence by picking up two more wet units to add to their collection of recent weeks. It is clear that demand and sentiment has once again returned in Pakistan and with steel prices noticeably firm across the board, this is something that will be needed from India/Pakistan, especially if Bangladesh continues to struggle to beach vessels as it has done for the past 6 months.

With no fresh permissions being granted for incoming or waiting vessels, those involved in Chittagong were left with more questions than answers this week. There is certainly hope that further permissions will be granted, perhaps as early as the first tide of December for certain units, but clearly no full market opening is in place.

Indeed, it will be more of a slow and cautious approach for most buyers as 5 more yards are understood to have obtained permissions to beach, on top of the 17 yards that were recently already cleared. So, there remains optimism that more vessels on top of the 14 so far beached will receive clearances, but with the wav the market has been in Chittagong for the past six months, predictability is far from accurate.

For week 48, GMS demo rankings for the week are as below:
CountryMarket SentimentGEN CARGO PricesTANKER Prices
IndiaCautiousUSD 440/lt ldtUSD 465/lt ldt
PakistanSteadyUSD 430/lt ldtUSD 460/lt ldt
ChinaBullishUSD 400/lt ldtUSD 420/lt ldt

(Sourced from GMS Weekly)

Posted By : admin on Tue, 30 Nov 2010
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