spot_img

Container handling declines by...

Transnet is currently under significant scrutiny due to the recent Container Port Performance...

Dp World Opens World-Class...

DP World is pleased to announce that its Market Access Consumer business, Deep...

Navigating Kasumbalesa: Alistair Group’s...

The Kasumbalesa border post, a vital gateway for cross-border trade between Zambia and...

Integrated Pump Technology to...

Integrated Pump Technology, a leading provider of pump solutions to the mining industry,...
HomeSHIPPING AND PORTSShip Recycling Prices...

Ship Recycling Prices Continue to Slide

According to GMS, “some unbelievably low and unrealistic offers” have started to emerge from sub-continent markets this week, and as such, both owners and cash buyers would be well advised to leave ship recycling destinations alone for the time-being, especially until some sort of floor is reached and stability regains a foothold.

It has become increasingly difficult to obtain any firm or serious offers from any recycling market, GMS reports, as currencies continue to suffer across all recycling destinations and steel endures further volatile moves this week.

Workable L/Cs are of chief concern in Bangladesh where end buyers are struggling to obtain any sort of financing from local banks, amidst strict and ongoing governmental regulations on precious foreign currency reserves in the country.

On the rare occasion when an end buyer is able to open a workable L/C in Bangladesh (mostly on smaller LDT tonnage), the numbers offered are so pitifully low, it’s nearly instantaneous to see tonnage withdrawn and re-directed towards competing markets.

Finally, at the far end, after holding on and displaying some sort of stability (even though it’s in the dumps), things couldn’t get worse for Aliaga Buyers as steel prices took a small tumble this week and the Lira gradually slips further.

Overall, the economic situation across the recycling destinations remains precarious, with currencies weakening by the day and a shortage of U.S. Dollars in those countries, governments and banks are failing to sanction suitable financing for a ship recycling that they do not see as imperative under the current climate.

For week 44 of 2022, GMS demo rankings / pricing for the week are as below.

Get notified whenever we post something new!

Continue reading

Container handling declines by 30.3% at South African ports in a single week

Transnet is currently under significant scrutiny due to the recent Container Port Performance Index (CPPI) which ranked South Africa’s ports among the lowest of 405 evaluated worldwide. The challenges faced by the country’s ports have been further exacerbated by...

Dp World Opens World-Class Cold Storage Facility In Lusaka, Zambia

DP World is pleased to announce that its Market Access Consumer business, Deep Catch Group, has opened a world-class cold storage facility, Lusaka Commercial Cold Store (LCCS), in Lusaka, Zambia. The LCCS is a groundbreaking project that is set...

Navigating Kasumbalesa: Alistair Group’s Strategic Solutions

The Kasumbalesa border post, a vital gateway for cross-border trade between Zambia and the Democratic Republic of Congo (DRC), has been experiencing significant challenges. As a key logistics provider across Sub-Saharan Africa, Alistair Group is committed to transparency and...
spot_img