GMS Market Commentary on Shipbreaking in Week 44 in India - Absent Alang

Release time：Nov 08, 2019 From：admin

As Diwali holidays got under way during the early part of the week, Indian Buyers remained largely absent from the buying for the most part. Unfortunately for them, given this markets pricing and performance for much of the recent past, it likely did not make much of a difference to those Ship Owners and Cash Buyers, looking to offload their share of non-green units. The only supply of units that are currently seeing risible rates into the mid USD 300s/LDT are HKC SoC vessels, in what has been a second half to the year of constant declines and falls, from a shaky India. The only positivity this week was the marginal increase in local plate prices that saw a relatively miniscule firming, to the tune of USD 3/Ton.

While this improvement would not be anything worth writing home about, given India’s relentless decline of nearly USD 80/Ton since early July, even marginal improvements such as these do their share in (positively) affecting the local mindset.

Overall, with other markets also struggling at present, it could be a bleak finish to the year in Alang, ahead of a “still hoped for” recovery in prices / demand and sentiments, going into the seminal year of 2020.