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Take a look below at our Demolition Weekly Market Reports for Week 47 of 2018 (listed alphabetically):
Week 47 2018 (19th November – 23rd November)
DEMOLITION QUICK UPDATE
During the previous week the demolition markets remained calm. In general, recycling activity was restrained as local currencies kept their shaky performance. In Pakistan, the decline in demand for steel has led to reduction of beachings. India’s attractiveness was once more, the green recycling offered by Alang yards. In Bangladesh, the overall sentiment of the market looked steady, however the increased activity of recyclers stuffed their appetite, thus made Cash Buyers unwilling to commit new units. Finally, regarding China things have been extremely quiet…..
Source: Athenian ShipBrokers
23rd November 2018 – Volume 195 Issue 853 – Week 47
Markets remain positioned some ways away from their recent peak with different factors affecting each location, and this is subsequently pulling prices across the board, lower by the day.
As it stands, the markets need a week (or two) of stability, in order to bring some confidence back to the buying again. Nervous end users are increasingly adopting the “wait-and-watch” attitude rather than offering / committing on the multitude of high priced Cash Buyer vessels being paraded in the markets. As such, we certainly anticipate some hefty losses being incurred for those involved.
Bangladesh is currently faced with a chronic financing problem due to an extreme shortage of U.S. Dollars in the country, resulting in very few open end Buyers who have the ability to open fresh LCs, particularly on some of the favored large LDT units being offered. Unfortunately, the competing Indian and Pakistani markets are unable to pick up the slack as sentiments and pricing remain comparatively sluggish in both countries.
Source: GMS Leadership