Ship
recycling sales slowed from 10-14 August as China's devaluation of the yuan
affected the Indian rupee's stability.
On
11 August the yuan was devalued by nearly 2%, shocking global financial
markets.
The
Indian rupee then fell to a two-year low, hitting INR65 to the US dollar.
In
India, bulkers are being sold for USD280/ldt. Prices have barely moved since
falling to below USD300/ldt in July. Cash buyers told IHS Maritime they
believed the market might have bottomed out.
However,
Dignity Shipping's 1982-built Handysize bulker Lina-Y was sold for USD2,031,120
or USD315/ldt, reportedly because the grain-carrier was found to be in good
condition on inspection.
Bryan
Denizcilik's 1986-built Handysize bulker Umay fetched USD1,687,894.50 or
USD316.50/ldt.
Both
ships were sold to Indian interests.
It
remains to be seen if these levels can be maintained in light of world economic
developments.
Meanwhile,
five members of the Bangladesh Ship Breakers Association have formed a cartel
in the hope of restoring earnings.
Dubai-based
cash buyer Global Marketing Systems however, thinks this will be tough unless
prices become competitive enough to attract tonnage.
It
was also quiet in Pakistan as the market there observed developments in the
Indian market before committing to sales.
Source: ihs maritime 360. 17 August 2015
No comments:
Post a Comment