Sales and speculation ramped up another notch this week as several extraordinarily high-priced deals were concluded (primarily) into the bullish Pakistani market. Of the vessels sold, Sinokor of South Korea have now fixed their sixth unit of the year (all concluded within the space of the last couple of months) as the Korean market has started to offload Capesize bulkers at a tremendous pace (due to the expiration of various government charters).
Meanwhile, on the local markets front, on the back of the repeat tragedy onboard the FSU ACES a couple of weeks ago, the Pakistani market remains (seemingly indefinitely) closed for tankers. Moreover, the firming dry and container freight rates (of late) have in turn led to an excruciating dearth of potential units (especially when compared to the years gone by) from these sectors.
Notwithstanding, fundamentals remain firm overall and we may well experience some buoyancy across all sub-continent markets as the year-end approaches – a time that has traditionally been an active period in the ship recycling industry as Ship Owners are looking to sell off their aging assets in order to balance their books.
For week 47 of 2017, GMS demo rankings / pricing for the week are as below:
Source: hellenic shipping news. 28 November 2017