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Take a look below at our Demolition Weekly Market Reports for Week 46 of 2018 (listed alphabetically):
Week 46 2018 (12th November – 16th November)
DEMOLITION QUICK UPDATE
Over the course of last week demolition markets remained soft. Local currencies kept their unstable performance against the USD thus activity in overall remained subdued. In Bangladesh shaky market fundamentals together with the forthcoming political advancements made Cash Buyers cautious. India didn’t witness any dramatic change to its market status. As for Pakistan the advancements in the overall financial and political front didn’t improve the deteriorating performance of the recycling sector. Finally regarding the Chinese market…..
Source: Athenian ShipBrokers
16th November 2018 – Volume 195 Issue 852 – Week 46
Markets fully progressed into “bear” territory this week, with sentiments weakening and end Buyer offerings subsiding by the day. Expectedly (and as previously reported), Cash Buyers are now struggling to offload their expensive inventory at anywhere near breakeven levels and it seems as though end Buyers are starting to smell “blood in the water”.
There are purportedly about 35 Cash Buyer controlled unsold vessels being offered into the various markets. With Pakistan abstaining from the buying after the recent turmoil there and India once again turning inert, much of the Cash Buyer focus has shifted squarely onto a previously bullish Bangladesh. However, given the spate of beachings over the last few tides, a healthy majority of capable Chittagong recyclers have already been booked with some of the previously concluded pricier tonnage.
As such, the struggle now is for Cash Buyers to try and commit their remaining units with the few open Recyclers who are struggling to get the necessary bank limits to open fresh L/Cs, failing which, we may well see Cash Buyers start to hold onto their vessels once again (at least for a short while) until some sort of stability is seen on levels as, given the developing situation, very few offers are even emerging whilst end users across the board are fearing further falls ahead.
Source: GMS Leadership