Imported ship breaking offers fall in Pakistan, India and Bangladesh

Ship breaking prices in Asian markets have declined over the last week - particularly in Pakistan, where offers fell by $30/LT w-o-w.

In Gadani, the aggressive buying of the previous weeks has disappeared. Most end buyers preferred to wait-and-watch market developments. The same trends were visible in Chittagong and Alang markets. Offers declined over limited demand for large LDT units.

Bangladesh

Chittagong ship breaking prices fell this week by $20/LDT and remained as a no-sale week for the Bangladeshi scrapped ships. However new enquiries coming out after falling prices and a stunning surge in prices over the last month has seen a large number of ships committed into Bangladesh and a number of those are just starting to deliver.

• The total tonnage reported last week in the Chittagong port was at 163,084 LDT.
  
  
• Six Bulk Carriers were beached at the port namely: An Li (24,604 LDT), Anto (7,985 LDT), Berni HK (13,450 LDT), Carol HK (13,401 LDT), Seapol Endeavour (8,100 LDT) & Wuyi HK (11,750 LDT).
  
  
• A Tanker also arrived in the port - Sofia (2,424 LDT).
  
  

India

SteelMint's weekly price assessment showed a decline in imported ship breaking offers. The offers fell by $10/LT on a weekly basis.

Alang market is still the best recycling destination as fundamentals are expected to remain steady, while the Indian Rupee continues to trade firmly at INR 73 against the U.S. Dollar.

• The total tonnage reported in the Alang port last week was 83,240 LDT.
  
  
• Two supply vessels beached at the port namely- Thompson (1,922 LDT) & Vrana (1,447 LDT).
  
  
• One Drill Rig also beached in the port- Bully II (27,147 LDT).
  
  

Pakistan

This week too Gadani was left empty handed and was unable to secure any new units. Real buying and trade activity is very sparse.

As steel plate prices in Pakistan have fallen again, it has been another disappointing showing from Gadani market. It could have capitalized by securing some well-priced ships, especially at a time when the market should be moving up from here.

• Total tonnage reported in the Gadani port last week was at 6,840 LDT.
  
  
• A tanker beached at the port namely Dima (4,048 LDT).
  
  

Prices in $/LT
Source- SteelMint Research