Ship Breaking Offers Continue Uptrend in South Asia

Ship breaking prices in Asian market have again increased by USD 5/LT W-o-W over improved activities amid tonnage scramble, as reported by GMS.

In recent weeks, ship breaking market regained momentum once again. The buyers have booked themselves with good tonnage over the last couple of weeks & deliveries are going on amid running tight time due to winter season.

After impressive bookings by ship breakers in Bangladesh market sprints. The offers increased by USD 5/MT W-o-W and stood at around USD 375/LT for Tankers, USD 385/LT for Containers & USD 365/LT for Dry Bulk. However no major trades reported due to ongoing competition among Indian & Pakistan market.

In line sales activities in Pakistan market reported slight better as Gadani buyers are willing to trade. The imported scrap prices to Pakistan slightly up by USD 5/LT and stands at USD 375/LT for containers, USD 355/LT for Dry Bulk & USD 365/LT for Tankers.

Also positivity continued in Indian domestic market over rising domestic steel prices along with fundamental stability. Inline Indian Rupee traded nearly INR 71 against the US Dollar. The prices of imported ship breaking up by USD 5/LT W-o-W to USD 380/LT for Containers, USD 360/LT for Dry bulk and USD 370/LT for Tanker.

Overall, Bangladesh and India market are performing well at the moment with healthy demand. Inline Pakistan market also in a queue with occurring sales. As of now all markets will have to remain on point, in order to secure their share of tonnage in the month of December.

Source: GMS reports