Imported Ship Breaking Scrap Prices Remain Stable; Indian Buyers Turn Active
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Imported ship breaking scrap prices has observed stability this week. Indian buyers turned active with couple of vessels booked despite weak sentiments in across all global markets.
-- Ship breaking prices in India stood at USD 400/LT for Containers, USD 380/LT for Dry bulk and USD 390/LT for Tanker.
-- Demand of ship breaking scrap in Indian market remained good. Buyers have started chasing down market prices over shaking basic fundamentals. The Indian Rupee against the US dollar stood near about INR 72.
-- Four HKC green recycling vessel deals were traded at decent prices which are mentioned below:
- - KWEILIN (9,395 LDT), a General Cargo at USD 385/LT LDT.
- - MANOLIS P (6,890 LDT), a Container at USD 420/LT LDT.
- - MELANESIAN PRIDE (5,607 LDT), a Container at USD 380/LT LDT.
- - SEA SHARK USD (5,674 LDT), a Bulker at USD 379/LT LDT.
India registered a sharp growth in scrapped ship imports with 217,740 LDT in Jan'20, rose by 57.4% M-o-M which is 18-month high. Prior to this, the highest ever import volume was recorded in Jun'18 at 257,270 LDT.
The total tonnage reported in the Alang port last week was at 78,265 LDT.
Bangladesh
Demand of scrapped ships among cash buyers is low. Also, over supply of the larger Dry Bulk vessels - Capes and VLOCs in the recycling market has led tonnage to be diverted to the neighboring subcontinent locations, mostly to India due to the cheap prices.
-- The price assessment for Bangladesh stood at USD 390/LT for Containers, USD 370/LT for Dry bulk and USD 380/LT for Tanker. The total tonnage reported last week in the Chittagong port was at 56,032 LDT.
Pakistan
The country remained a way behind its competitors as end users in Gadani port are not really serious to buy any new tonnage, only small vessels are seen.
-- The fresh offers of imported scrap to Pakistan are hovering at USD 380/LT for containers, USD 360/LT for Dry Bulk & USD 370/LT for Tankers. The total tonnage reported last week in the Gadani port was at 15,277 LDT.
