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One of the key developments in tanker supply this year has been a near absence of the demolition activity. The weekly tanker market report by Gibson Shipbrokers.
This week, the rot seems to have well and truly set in once again, as all subcontinent markets turned in another negative and lackluster performance, in what has (recently) been turning into an overall woeful fourth quarter of the year. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Despite hopes that the markets may be on the rise once again, alarming reversals across all (subcontinent) locations over the past month seem to be firmly signaling the opposite. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Following a brief few weeks of positivity, subcontinent markets are once again embarking on a dispiriting downwards descent, with End Buyers withdrawing their offers amidst declining levels from India, Bangladesh and Pakistan. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Delivered tonnage of crude oil tankers have grown by +37%, whereas total fleet demolitions for 2019 have slumped to the lowest in a decade with a reduction of 52% from the year before.
After a brief spike in the markets (which saw a few vessels sold at increasingly firm numbers, some of which even crept past the USD 400/LT mark), there now appears to be a resurging resistance from local Recyclers to improve prices any further. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Green shoots of recovery have been evident in the subcontinent markets over the past week or so – particularly in Bangladesh, where a number of (premium) sales have taken place that breached the USD 400/Ton mark, giving a real sense of encouragement to Ship Owners, Cash Buyers (still with expensive inventory on hand) and End Buyers, who have remained on the sidelines for the most part. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Subcontinent markets finally appear to be turning positive as nearly all locations posted some gains off the back of settling steel plate prices and stabilizing / firming currencies. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
As the fourth quarter gets into full swing, a degree of stability finally seems to be emerging in the subcontinent markets as a couple of sales have reportedly registered at firming numbers this week, leaving Cash Buyers and Recyclers cautiously optimistic. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
BIMCO expects the fundamental market balance to deteriorate in 2019 which will do nothing to improve freight rates as the 2020 sulphur cap nears.
