Ship Recycling Market - Week 48 - NO IMPETUS!
Ship Recycling Market - Week 48 - NO IMPETUS!
Recycling markets are ambling towards the end of the year without any real impetus, ability, aggression, or even an apparent willingness to engage in discussions to buy, so volatile has the situation been over the last 2 quarters.
Prices have of course come off by about USD 200/LDT in the sub-continent markets since the stunning peaks witnessed over USD 700/LDT just earlier this year – for reference, on a standard Capesize Bulker, that is over USD 4 million lost on the residual value alone!
Bangladesh still remains largely absent on the buying front with a majority of Buyers unable to get central bank financing to open fresh Letters of Credit. There is also talk of the shortage of U.S. Dollars in the country easing once the they can agree to an IMF loan, but we are unlikely to see any clarity on this until early next year (at best). As such, Chattogram seems like it would be unavailable for the remainder of this year.
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