17 November 2011

GMS weekly report on CHINESE shipbreaking industry for WEEK 45 of 2011:

Ø    Further slide on price

Torrid Time!

The Chinese market dipped further lower this week as prices fell by USD 20/LT LDT in both South and North. As a result levels are now OVER USD 100/LT LDT lower than what the Indian sub continent markets are currently offering.

Consequently that has left the one deal for the week - that of the bulker GRAND MIDAS (5,258 LDT), concluded at USD 385/LT LDT - in some jeopardy with several recent deals also facing renegotiation.

Realistically Chinese prices are now region LISD 350/LT LDT on dry vessels with wet units some USD 15-20 higher, but most yards at the moment are unwilling to even offer, shocked by the plunge in prices that have beset the industry.

Source: Hellenic Shipping News (Sourced from GMS Weekly). 16 November 2011

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