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Take a look below at our Demolition Weekly Market Reports for Week 47 of 2019 (listed alphabetically):
Week 47 2019 (18th November – 22nd November)
DEMOLITION QUICK UPDATE
The previous week the Sub-Cont recycling market gives the impression of some improvement. India is getting back into the picture, as the progress of the market is obvious. Last month was downsized for Bangladesh but this status is changing over the weeks. To end, a surprising upgrade observed for the…..
Source: Athenian ShipBrokers
22nd November 2019 – Volume 207 Issue 905 – Week 47
The big news this week centered around the decisive steps taken by the Indian government, to approve the implementation of the ‘Recycling of Ships Bill, 2019’ and accession to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009. Prime Minister Narendra Modi has presently approved the proposal and now both houses of Parliament must review and pass the Bill, before it is finally signed into law.
The Bill includes restrictions against the installation & use of hazardous materials and IHMs & SRPs (Ship Recycling Plans) will now be a mandatory requirement for any new vessels arriving Alang. Yards will also need to obtain authorization and have permits issued in order to import & recycle vessels and only those up to HKC standards will be able to operate on this basis, once the Bill is signed off by parliament.
In terms of the market, the positivity witnessed over the previous week or so has sustained as local steel plate prices have reported improvements across the board and all locations finally seem keen to acquire new vessels, at improving levels.
Source: GMS Leadership