18 February 2015

GMS weekly report on China ship breaking industry for WEEK 7th 2015

With Chinese New Year holidays set to commence on February 18th next week many people have left for their hometowns early in an effort to avoid the traditional last minute rush.

Not that this will have an effect on the international ship recycling market in China with prices and sentiment there lifeless for much of the last year levels are virtually at rock bottom with offers below USD 200 per LDT forthcoming on certain units.

Chinese state owners remain busy though with Cosco having scrapped another 8 Chinese flagged units (5 containers and 3 bulkers in January alone) eligible for the government policy that sees owners receive a Huge USD 150/GRT for scrapping locally.

Source: steel guru. 17 Feb 2015

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