India Remains Top Buyer of Scrapped Ships in H1 FY19
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In the first half (H1) of Fiscal year 2019, India remained top buyer of scrapped ships in the world followed by Bangladesh & Pakistan, the data received from GMS showed.
During Apr-Sep'18 (H1 FY19), total of 123 scrapped ships were bought by India & breached in Alang port (West coast of India) with the total quantity of 941,579 LDT. Alang is the world's largest ship breaking/recycling site for ocean going vessels.
The second major buyer of scrapped ships was Bangladesh with 92 ships, scrapped in Chittagong port with 1,336,486 LDT.
Furthermore Pakistan stood 3rd in the ship recycling in Gadani port with 851,096 LDT and total of 48 number of ships.
Price Trends
-- Buyers in India are not seen very active this week over instability of fundamentals, difficulties with LC's, as Indian currency is fluctuating and is trading at INR 73.5 against USD. Prices remains same this week & stood at USD 445/LT for Containers and USD 435/LT for Tanker.
-- With bullish market trends, prices in Bangladesh reached at USD 455/MT for Tankers and USD 465/MT for Containers.
-- On 14th Oct'18 a fire broke out inside non operational oil tanker at Gadani port leaving workers injured. However the market remains uncertain over unfortunate incident took place. As the nation deals with currency depreciation issue, market sentiments remain uncertain. The prices for containers reached at USD 450/LT, Dry Bulk at USD 430/LT & tankers at USD 440/LT.
