Ship Recycling Market - Week 2 - FEARING FINANCING!
MARKET COMMENTARY- Week 2 - FEARING FINANCING!
Markets seem poised for some sort of recovery as steel prices inch up again (especially in India and Pakistan) and currencies seem to find a newfound acceptance at historic lows across the major recycling destinations, after what has been a bitterly silent 2022 full of declines and falls.
Financing remains of chief concern in both Bangladesh and Pakistan, with very few end users capable of opening fresh L/Cs on the import of vessels, although some are getting on by with private financing, which usually means and usance (rather than sight) L/Cs or higher interest rates.
The focus therefore falls on India for another week, on the few vessels that are available from larger Container Owners. Most of these are for HKC recycling only, and as such, would be heading to Alang anyway, regardless of the L/C concerns elsewhere.
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