Shipowners
have had to settle for less than USD400/ldt for Capesizes as such vessels are
flooding the recycling market.
Cash buyers do not expect the barrage of Capesizes to
stop anytime soon, with no sign of an improvement in freight rates, which, at
below USD6,000/day, are grossly inadequate to cover operating costs. It has
been estimated that so far, at least 50 Capesizes have been scrapped or sold for
recycling.
Dubai-based Global Marketing Systems (GMS), the
world's biggest cash buyer, said that prices of bulkers are now averaging
USD360/ldt in India and Pakistan, with Bangladesh lagging behind by USD10/ldt.
Tankers are only faring slightly better, with prices
ranging from USD380-390/ldt in South Asia.
GMS said, "The Indian rupee has been the chief
concern this week, trading into the INR64 against the US dollar, after a
dramatic depreciation from a settled INR62. Some encouraging signs were seen come
end of the week, as the rupee dipped below INR64 again - but this extreme
volatility has certainly shaken the domestic ship-recycling industry of
late."
Due to the negative moves on the currency and sliding
steel prices, many end users seem intent to wait and watch market movements
before committing on new vessels, with the hope that some stability will emerge
once supply eases up and local fundamentals settle.
Glory Asia Ocean Shipping's 1991-built Capesize
bulker Fengli 1 fetched USD7.04 million or a relatively decent USD382/ldt for
demolition in Bangladesh, as it had about 800 tonnes of bunkers remaining on
board upon delivery.
Another Capesize, Leader Ship Management's 1987-built
Onega, was sold for USD8.07 million or USD372/ldt for recycling in India as a
sale into Pakistan failed due to yards there being overstocked.
Source: ihs maritime
360. 12 May 2015
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