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Take a look below at our Demolition Weekly Market Reports for Week 12 of 2018 (listed alphabetically):
Week 12 2018 (19th March – 23rd March)
DEMOLITION QUICK UPDATE
The positive sentiment prevailing in the recycling markets seemed to cool off gradually during last week. The Bangladeshi market after reaching what seemed to be its peak, ended up with local Buyers looking for more realistically priced candidates. In India the ongoing uncertainty in terms of fundamentals has made end buyers more hesitant, as the limited number of sales suggest. In Pakistani market, focus was still placed upon on whether wet tonnage will be accepted and when, with buyers retaining their cautious approach. Regarding Far Eastern markets, expiration of state
subsidies and political…..
Source: Athenian ShipBrokers
23rd March 2018 – Volume 187 Issue 819 – Week 12
After a frantic few weeks of VLCC sales in anticipation of an imminent Pakistani reopening for tankers, this week, activity slowed down a touch, given that Gadani’s doors are yet to reopen and some worrying fluctuations in the Pakistani currency (against the U.S. Dollar) were witnessed.
It seems as though we may have finally hit a peak of sorts as levels start to slide once again, on the back of a declining demand from the increasingly fewer end Buyers possessing the ability to open large Dollar value LCs to negotiate the large LDT tankers / VLCCs being proposed on an ongoing basis.
It also does not help that most of the VLCCs and larger tankers that have been sold recently have been concluded with the respective Cash Buyers being responsible for their “gas free for hot works” cleaning, in order to comply with the far more stringent standards for entry into India and Bangladesh. Depending on the lightweight of the unit and quantity of slops and sludges remaining onboard, this operation can easily stretch over a month of cleaning and the requisite funds being blocked for subsequent / fresh purchases.
Source: GMS Leadership