22 January 2013

GMS weekly report on Chinese shipbreaking industry for WEEK 03 of 2013:

With the Chinese market still in full swing before the onset of the New Year holidays, it was unsurprising to see several more units concluded into China this week. Many vessels have gone direct from Chinese owners into local vards with little more than a casual or cursory check on the sub-continent market (and even then with little serious intent to bring vessels over).

Those units discharging in China or the Far East, are seeing far more bang for their buck on the demo prices at present - something that is seeing the Bangladeshi market in particular, lose out on tonnage.

Whether this trend continues after the Chinese New Year holidays in mid-February remains to be seen, when yards will have to renew licenses at that time and have a whole new quota of vessels to fulfill.

The Japanese owned PCC ASIAN SPIRIT (15,578 LDT) was concluded for USD 410/LT LDT into North China this week for guaranteed green recycling.

Source: Steel Guru. 22 January 2013

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