Ship Recycling Market Report - Week 39 - SOUNDS OF SOFTENING!
MARKET COMMENTARY - SOUNDS OF SOFTENING!
Sentiments have softened across sub-continent markets once again this week, as Buyers appear increasingly reluctant to commit on fresh tonnage whilst fundamentals remain so shaky – especially as the markets have witnessed across the last couple of weeks, where currencies and steel plate prices took turns in tumbling.
The Pakistani Rupee has breached historical lows and despite the odd flash of appreciation, has given Gadani Buyers extreme discomfort over the course of a torturous year of monumental declines.
Bangladesh, likewise, has suffered a currency calamity of its own, coupled with declining steel plate prices and increased limits on establishing fresh L/Cs due to a dire shortage of U.S. Dollars in the country, most Chattogram Buyers are holding back or simply unable / unwilling to offer at all on any of the freshly proposed units.
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