Even in such tumultuous times as these for the ship recycling industry, deals were done into all major destinations at vastly differing numbers and under significantly different conditions as well.
Pakistan continued its recent hot streak by nabbing another vessel at top numbers from under the noses of their Bangladeshi and Indian rivals, whilst even China got in on the act by securing the protracted sale of two smaller general cargo vessels from Korean owners.
The long awaited budget was finally announced in Bangladesh with little material change noted in its contents and any positive effect that may have been expected on the industry in terms of improvement in prices / sentiment was not immediately forthcoming.
The unstable political conditions, ongoing monsoon season, and weakening of local steel plate prices in recent weeks, have all led to a softening of ship prices in Bangladesh of late -something that the announcement of the budget has also unable to counteract.
Whilst there was some positive regarding an improvement in steel prices this week in India, the currency remains finely poised, teetering on the brink of disaster and a historical low that could well see end buyers lose millions on the values of their inventories.
The budget date in Pakistan has been officially set for June 12th and all buyers are now anxiously anticipating this date with an expected hike in import prices / duties almost certain to affect prices on new vessels. Any deals already done are being urged to arrive before the budget date so that recyclers can avoid any new tariffs imposed.
Finally, for the time being, offers on new vessels with post-budget arrival are not forthcoming.
For week 23 of 2013, GMS demo rankings for the week are as below:
Gen Cargo Prices
USD 400/lt ldt
USD 425/lt ldt
USD 390,11 ldt
USD 420/lt ldt
USD 390/lt ldt
USD 420/lt ldt
USD 310/lt ldt
USD 330/lt ldt
Source: Steel guru.