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Despite Chinese New Year Holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, resulting in another dry and dreary week of market inactivity and silence across all recycling destinations. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
With 2024 well underway and HKC sales having taken center stage of late, GMS remains delighted to remind our readers that its Sustainable Ship & Offshore Recycling Program (SSORP) continues to surpass all of the stipulations & requirements for the environmentally safe and responsible recycling of ships that are currently set by the Hong Kong Convention (HKC). The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
After a dire summer that saw over USD 100/LDT wiped off vessel recycling prices in the Indian sub-continent ship recycling markets (and even Turkey to an extent), nearly all of the markets have enjoyed somewhat of an upward resurgence entering the 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.
Several sales have taken place into India for HKC restricted yards / green recycling only, as end Buyers seek to fill empty recycling plots, especially after a quieter period during Ramadan / Eid holidays across the sub-continent & Turkey, when minimal-to-no deals were concluded at the various destinations. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Fears and concerns across the sub-continent recycling markets continue to grow as local currencies across all major ship-recycling destinations continue to worryingly depreciate by the day and some even tougher restrictions reportedly set in place on the opening of fresh Letters of Credit (L/Cs) in Bangladesh this week, as the foreign currency crisis in the country deepens further. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Pandemonium has been sweeping across the globe this week, as an increasing number of ports worldwide have reported shut downs, quarantines on incoming crew are being imposed at those that are still open for operation, and recycling deliveries are being jeopardized – both for ships arriving Indian subcontinent locations and for many ‘as is’ recycling deals the world over. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
Another flat week concluded in the recycling markets The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.