Imported Ship Breaking Offers to India Rise; Trades Remain Limited

The scrapped ship prices in Indian market surged by USD 10/LT, as per GMS report. This hike remain supported by hike in Indian domestic ship breaking prices by INR 1,000-1,500/MT (USD 14-21).

However on rising imported ship breaking offers to India, there are no such major deals, meanwhile small deals were seen taking place.

Further, the offers in other markets of South Asia like Bangladesh & Pakistan remained flat as several units already in cash buyer hands were fixed at some impressive numbers (in tonnage) over the last couple of weeks.

The Indian market observed positivity with HKC requirements and the ship breaking prices rose by USD 10/LT W-o-W with fresh offers of around USD 390/LT for Containers, USD 360/LT for Dry bulk and USD 380/LT for Tanker. Inline Indian Rupee fluctuated and traded nearly INR 71.50 against the US Dollar.

Furthermore sales activities remained subdued over little demand. Hence, the imported ship breaking prices to Bangladesh being unchanged and stands at USD 385/LT for containers, USD 365/LT for Dry Bulk & USD 375/LT for Tankers.

Meanwhile, Pakistan market is emerging back & coming in the picture with increased inquiries from last couple of weeks from Gadani recyclers. The prices for containers reached at USD 375/LT, dry Bulk at USD 355/LT & Tankers at USD 365/LT.