South Asia: Ship-breaking prices stable w-o-w, Indian ship-cutting plate prices up

Ship-breaking prices in the sub-continental markets of Bangladesh, India and Pakistan) have remained unchanged w-o-w.

However, the Indian market is likely to cool off as the Indian festival of Diwali approaches in November.

Indian ship-cutting plate prices rise

Alang's ship-cutting plate prices rose by $12/tonne (t) w-o-w to around $530/t .

Meanwhile, the Indian rupee (INR) depreciated to 75.50 against the dollar last week.

However, Alang recyclers were still able to catch an extremely high-priced private bulker for strictly HKC SoC green recycling.

Deals

• A RoRo, Bluefort, of 10,120 LDT, was beached at the port.
  
  
• A tanker, Gema, of 7,638 LDT, arrived.
  
  
• A supply vessel, Inter Service, of 1,246 LDT, was also beached.
  
  
• A RoRo, Roger, of 6,773 LDT, arrived.
  
  
• Total tonnage at Alang Port last week amounted to 51,620 LDT, down by 13% w-o-w.
  
  

Bangladesh steadier than the rest

Chattogram buyers finally levelled off last week as the local market continues to lead the way with the firmer levels (especially on geographically suitable units).

Local buyers concluded deals on 9 units and nearly 125K LDT worth of tonnage (including a VLCC) that are currently on the beach.

Deals

• A VLCC, Hapon, of 48,100 LDT, was beached at the port.
  
  
• A pontoon, Starboard Pontoon (under tow), of 2,058 LDT, was beached.
  
  
• A pontoon, Port Pontoon under tow), of 2,028 LDT, arrived.
  
  
• Two tankers, Lantic, of 23,305 LDT, and Heng Long, of 16,208 LDT, also arrived.
  
  
• A reefer, Lake Glory, of 3,292 LDT, arrived.
  
  
• A tanker, Explorindo 1, of 8,554 LDT, was also beached.
  
  
• Total tonnage reported last week at Chattogram Port was 144,270 LDT, up by 118% w-o-w.
  
  

Pakistan facing currency concerns

Pakistan has been struggling with its currency depreciation (against the dollar) over the last one month, which has made vessel pricing shaky over the last few weeks.

However, last week, the market seemed a little more stable , with local plate prices recording a marginal gain as the week ended.

Deals

• A tanker, Pacific Bravery I, of 10,000 LDT, was beached at the port.
  
  
• A tanker, Sharifa 4, of 16,484 LDT, arrived at the port.
  
  
• Total tonnage at Gadani Port last week was reported at 46,680 LDT, up by 55% w-o-w.
  
  

Outlook

Even though recycling levels have improved in Chattogram, not many owners are ready to recycle their vessels this year.

Meanwhile, the market in India is more likely to stay subdued as Diwali approaches.

Prices as on 12th Oct'21

Prices in $/LDT
Source- SteelMint Research