22 May 2020
Source: GMS Leadership
Despite imminent talks of markets reopening soon, prices have displayed a generally negative spiral in the subcontinent markets this week, with end Buyers lowballing on any available units, including those vessels that are currently stuck at anchorages of the various recycling destinations and thus playing into the Recycler’s hands.
Yet, as the week ended, there was still no official news on the markets reopening in any location, with only those vessels with domestic crews onboard being allowed to beach or those exceptional cases where special permissions were granted by the relevant authorities.
In Bangladesh, several vessels that have been waiting for nearly two months and one in India, are now considered to be in a distressed situation (due to the amount of waiting time) and have finally been granted special beaching approvals after appeals to the embassies of the relevant crew members and exceptional permissions from the customs / shipping