The
depreciating Indian rupee, coupled with an oversupply of vessels and declining
scrap steel prices curbing purchases, have taken their toll on the purchasing
rates of ships for demolition, pushing them down to the lowest level since June
2010, according to Exim News Service.
The
Baltic Exchange apprised that cash buyers, who purchase older ships from
owners, for resale to demolition yards in the Indian Subcontinent, were
shelling out $ 383 per lightweight displacement tonne for dry cargo vessels.
Lightweight
displacement tonnes appraise the weight of an empty ship. Official figures show
that countries like India, Bangladesh, Pakistan and China have held sway over
the scrap business.
The
exchange's weekly assessments show that the current price is the lowest since
June 2010, having plunged 23 per cent in a month. This has reduced the
demolition cost of larger vessels by more than $ 1 million since May.
Data
from the exchange also shows that rates paid for oil tankers in India, Pakistan
and Bangladesh is presently $ 410 per tonne, compared to $ 496 a tonne on April
30.
Source: transportweekly
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