GMS weekly report on Indian ship breaking industry for WEEK 19 of 2014:

The recent hot streak on containers in India continued for yet another week with some more sales taking place at hefty numbers. The pick of these saw the Danaos controlled MESSOLOGI (23,740 LDT) committed for a very firm USD 515 per LT LDT basis a prompt.

WC India delivery, the fourth sale from the group this year. The good Danish build, heavy 72-Ton bronze propeller and likely excellent condition of the vessel saw the decent premium achieved as local buyers once again displayed their aggression on decent sized container units.

Meanwhile, the currency continues to impress and even spent part of the week trading below INR 60 against the US Dollar something that gave end buyers sufficient confidence to offer ever increasing numbers on available units.

Whilst supply also remains steady, the scrap steel prices have fluctuated between the usual range of INR 100 to INR 200 per LDT up and down (USD 2 to 4 per LDT) on a daily basis. With monsoon season approaching in June and election results set to be announced soon, it will be interesting to see if current levels persist going into the summer.

Many analysts are suggesting that just one piece of negative news such as anything but the highly anticipated win for Mr Modi in the elections could turn sentiment and subsequently prices spiraling downwards once again.

Source: Steel guru. 14 May 2014

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_19/339020.html

GMS weekly report on Turkey ship breaking industry for WEEK 19 of 2014:

Local steel plate prices have weakened by about USD 5 per tonne during the course of last week, but the Turkish Lira on the other hand continued to strengthen against the US Dollar.

The TRL closed the week at TRL 2.07 against the US Dollar compared to TRL 2.10 where it had opened on Monday. The appetite for tonnage continues to linger as less than a handful of vessels hit the shores of Aliaga over recent weeks.

Source: steel guru. 14 May 2014

http://www.steelguru.com/international_news/GMS_weekly_report_on_Turkey_ship_breaking_industry_for_WEEK_19/339089.html

GMS weekly report on China ship breaking industry for WEEK 19 of 2014:

News of at least SEVEN COSCO sales into China did little to stir the market out of the lull it has endured for the majority of the year so far.

The sale of various bulkers and containers far below market numbers has seen one of China’s largest state owners receive the approximate USD 150 per GRT premium along with the corresponding USD 150 per GRT discount on a new building of their choice. The government incentive will run until 2015 in efforts to stimulate both the shipbuilding and ship recycling sectors.

Source: steel guru. 14 May 2014

http://www.steelguru.com/international_news/GMS_weekly_report_on_China_ship_breaking_industry_for_WEEK_19/339074.html

GMS weekly report on Pakistan ship breaking industry for WEEK 19 of 2014:

After a number of sales at decent numbers especially tankers gas free for man entry only it has been a slower last few weeks in Pakistan, with many end buyers reluctant to import any new vessels before the budget announcement of early June.

Gadani buyers still seem unable to compete with India (especially on containers) and that is unlikely to change until the budget.

For the time being then, local buyers are content to wait and watch market movements, hoping that no new taxes or dues are imposed that may hurt ship recyclers and adversely affect ship prices.

Source: steel guru. 14 May 2014

http://www.steelguru.com/international_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_19/339084.html

GMS weekly report on Bangladesh ship breaking industry for WEEK 19 of 2014:

Despite several hot buyers emerging once again to bid on units basis pre-budget deliveries (before June 5th), it has been an overall sluggish second quarter to the year in Bangladesh with many end buyers unavailable to bid, having spent big to fill their plots during the first quarter of the year.

Whilst the local currency and steel plate prices have remained stable overall for a majority of the year, there have been concerns on LC limits and financing capabilities in Chittagong with not every buyer capable of buying vessels now that banks have tightened their lending limits.

However, with big buyers finally starting to clear their plots and as long as there are no major surprises in the budget of June 5th, levels should maintain and perhaps improve a touch, even with monsoon season on the horizon.

Source: steel guru. 14 May 2014

http://www.steelguru.com/international_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_19/339079.html