GMS Weekly – Week 22 (2020)

1 June 2020

GMS Leadership

Market Commentary

29 May 2020

Source: GMS Leadership

As the Ramadan period / Eid holidays come to an end and June approaches around the corner, we are gradually starting to have some clarity on the phased and gradual market reopenings as the virus infection rates start to ease across the globe, following extended periods of lockdown at a majority of the countries worldwide.

This is not to say that the virus has disappeared from the subcontinent (far from it at present) and any easing of restrictions to allow ships and foreign crew in to resume recycling activities once again, is expected to be a slow and gradual process.

Indeed, cases continue to rise in Pakistan & Bangladesh while India recorded its highest one day jump at the end of the week, leaving many in the industry to question the wisdom of moving too soon (in terms of reopening) and risking a second spike. Notwithstanding, domestic economies cannot simply be placed on hold / lockdown indefinitely and a sensible approach to reopening is being implemented, with foreign crew on incoming ships being required to undergo a 14-day quarantine (including time at sea) and mandating medical checks upon arrival to prevent any further import of the disease.

GMS-May-29th-2020Download Full Report

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