Friday, April 5, 2019

Markets - recycling slowing down


After a frantic period of activity throughout most of March, sales slowed last week.
Surprisingly, India lost several high profile HKC SoC vessels for green recycling to the only RINA approved yard in Bangladesh, GMS said in its weekly report.
However, given that this yard has taken in its quota, India returned to buying last week with a few interesting (market and private) green recycling sales reported.
At Gadani, since a majority of the local recycling yards have been empty for some time, we finally witnessed the Pakistani market waking up as appetite seemed to grow last week.
Even though the price gap remains significant at present, it may not be long before we see Gadani buyers competing against their Indian counterparts, on standard vessels once again, GMS said.
Bangladesh remained the point of reference for most of the market tonnage – with rates almost $20 per ldt above their nearest competitors.
However, as has been expected for some time, Bangladesh maybe due for a breather in the month(s) ahead and we may see the focus start to shift back to the Indian and Pakistani markets once again.
Meanwhile, the Indian market has been enjoying its share of cheaper priced units this year, with many offshore vessels and rigs heading its way, in addition to those units intended for strictly HKC SoC green recycling.
The only competitive RINA approved HKC yard in Bangladesh is now full, having secured two large ldt vessels, including a Vale capesize sold recently.
Turkish steel plate prices fell again last week, although prices managed to stay buoyant amidst strong local demand on the back of a dearth of tonnage, that has kept Aliaga buyers surprisingly aggressive in recent weeks.
With the first quarter of 2019 now concluded and charter rates, particularly in the dry sector, still in the doldrums, the supply of tonnage (older Capes in particular) is set to continue, as we head into the second quarter of the year, GMS concluded.
Brokers reported the sale of the 1999-built OBOs - ‘SKS Tanaro’ and ‘SKS Tiete’ - to Indian interests for just over $430 per ldt per vessel.

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