04 February 2014

GMS weekly report on Turkey ship breaking industry for WEEK 05 of 2014:

Overall, the last week of January was a calm week in terms of sales activity and inflow of Vessels but a rollercoaster ride in terms of currency fluctuation causing some concern for local ship recyclers.
The Turkish Lira hit a new all-time record low of TRL 2.38 against the US Dollar on Monday, strengthened significantly down to TRL 2.16 on Wednesday and closed at TRL 2.26 on Friday.
Steel prices remained relatively stable and with a healthy demand of ships along with open yard capacity (at roughly 40% to 50%), it remains to be seen just how the currency will set the mood in the upcoming week.
Source: steel guru. 4 February 2014

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