As the effects of Donald Trump’s shock victory continues to have far-reaching effects of its own, the U.S. economy continues to strengthen under President Biden on the news that the country is opening up offshore drilling in order to further reduce American dependence on foreign oil, reports cash buyer GMS.
“As the U.S. economy continues to strengthen and the U.S. Dollar firms against nearly all recycling destination currencies (including China, where Chinese stocks recorded rallies this week), local steel plate falls from China saw various destination steel levels reciprocate in kind with declines of their own this week.
Deliveries of dry units continued at pace across Indian and Bangladeshi waterfronts over recent weeks. “Although supply has primarily been from the vintage container and dry bulk sectors, activity seems to have happily notched up a level as the industry heads towards the end of 2024, following one of the most barren years for ship recycling volumes in over a decade.
As Bangladesh remains burdened by political instability and inflation, the Chattogram market has slowed beyond all recognition for large parts of the year, leaving local buyers to cherry pick cheaper, geographically positioned units.
“Pakistan too continues to scramble for more IMF funding and stabilize its economy as buyers there have remained silent with only laughable offers coming forth of late. Finally, Turkey remains entrenched in its declining Lira, with both import and local steel recording USD 10/Ton declines across the week, leaving Aliaga levels down by USD 10/MT.”
Overall, says GMS, markets remained on a fairly even footing for the week with little movement and/or activity to report, given that industry players remained busy with meetings and sentiments finally seem to be on even keel as a healthy collection of sales continue to be confirmed to buyers with ready finances and empty yards.
GMS demo rankings / pricing for week 46 of 2024 are:
https://www.marinelink.com/news/ship-recycling-activity-increasing-low-519312
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