Ship Recycling Market: Week 16 - TIME NEEDED
Ship Recycling Market: Week 16 - TIME NEEDED
The results of this most recent market decline have been on full display this week as those vessels previously sold at higher prices are now struggling to deliver in a U.S. Dollar starved Bangladesh (and Pakistan) and End Buyers are starting to (expectedly) create unnecessary turbulence at the waterfront, especially on those high-priced incoming units.
Steel plate prices continue to dither across all markets (including Turkey) over the past month or so, leaving the various recycling destinations far more precariously poised than they were during the bullish start of the year.
The key hurdle for Bangladeshi Recyclers (amidst the ongoing liquidity crunch in the country) is working with the Central Bank in getting fresh L/Cs approved, with all but essential items (food, fuel, and fertilizers) receiving approvals instead. As such, several of the higher priced deals that had been concluded into Bangladesh over the past few months, are only now starting to deliver after delays on arrival, as the industry overall is starting to witness how increasingly difficult it might just be to obtain L/C approvals on upcoming deliveries.
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