In keeping with the diminutive performance of the industry over the last several weeks, ship-recycling markets endured another turbulent week as prices inched ever lower amidst volatile currencies and spiraling local steel plate prices.
Supply too, perhaps because of, has eased up of late. As such, these remain difficult times for those left with unsold vessels as there seem to be very few open end Buyers who are willing to negotiate / offer on available tonnage at present – especially whilst the ongoing market uncertainty persists amidst the high asking prices from Ship Owners and Cash Buyers alike.
On the sales front, it has been yet another slow week and this may perhaps help bring prices back to their previous highs, at or above the coveted USD 400/LDT mark once again.
Meanwhile, as commodities and stock markets remain at record highs, this recent slowdown in steel plate prices and levels across the sub-continent/Turkish markets is certainly a curious one and could be a result of Diwali holidays in India and the Communist Party Conference in China, which has seen ship recycling activities and steel sales (in China) grind to a halt.
For week 42 of 2017, GMS demo rankings / pricing for the week are as below:
Source: hellenic shipping news. 24 October 2017