The ship recycling market has experienced slow activity as the Diwali festivities took over. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “this week, the recycling market remained fairly inactive as the Diwali festivities were in full swing. There does however seem to be some spring in sentiment from the recycling yards following the continued shortage of supply of tonnage which is resulting in improved indications. The Indian recyclers continue to lead the way in pricing, but it will be interesting to see how the domestic steel markets open on Monday ‘post-Diwali’ and how the sentiment of the Buyers is reflected from then onwards. Activity from the Bangladeshi and Pakistani markets remain limited as the ongoing issues opening Letters of Credit is still unresolved and these financial difficulties look set to continue into the New Year”, the shipbroker said.
In a separate note, Allied said that “the recycling market continued on a slightly quieter pace, in part as a consequence of Diwali celebrations. One sizeable sale emerged, in the form of the ‘SAMC Eddie’ of 24,181 LDT, with delivery in January. Considering how close the $505/LDT is to the current market, this suggests some confidence in prices over the coming two months, particularly in light of the ‘as is’ nature of the sale. This might not be a bad assessment, given that there have been some beneficial scrap and steel price movements across the Indian Sub-continent, with breakers in India poised to benefit from positive movements in global steel markets, even if domestic price changes have not all been in their favour.
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