03 September 2014

GMS weekly report on Turkey ship breaking industry for WEEK 35 of 2014:

Yet another week goes by with less than a handful of Vessels arriving at the shores of Aliaga, leaving demand un-quenched. To add to the dithered state of affairs, steel prices weakened this week by about USD 8 per tonne overall.

The only silver lining to the dark cloud was the Turkish Lira that ended the week on a marginally stronger note at TRL 2.16 against the US Dollar (compared to 2.18 where it stood at the week's opening).

The current price gap between the Indian sub-continent markets and Turkey justifies only smaller vessels (of about 5,000 LDT and less) that are opening up in the Med to be potential Turkish candidates and that is only if no positioning cargos are found to bring prospective vessels across the Suez Canal.

As it has been the case since pre-Ramadan, Turkish end-buyers will need to remain patient for some time longer.

Source: steel guru. 2 September 2014

No comments: