05 June 2014

GMS weekly report on Turkey ship breaking industry for WEEK 22 of 2014:

As the dearth of tonnage offerings continues, local fixtures and arrivals into Aliaga continue to diminish. Consequently, the desperation from local buyers is continuing to rise whereby breakers are now reportedly venturing out, looking for as is tonnage to bring home to local yards.

If the diminishing number of arrivals continues, we could witness local yards temporarily closing shop until tonnage inflow picks up once again.

Meanwhile, local fundamentals remain strong as the Turkish Lira fluctuations against the US Dollar remain within the normal curve and prices for tonnage too remain on even keel. However, with Indian levels flying well above local offerings, it truly is a challenging time for the Turkish market to keep even vessels opening up in the Med region, interested in Turkey’s offerings.

Source: steel guru. 5 June 2014

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