This Week 37 edition of the GMS Weekly Podcast reviews key developments in the global ship-recycling market with fresh updates from Bangladesh, India, Pakistan, and Turkey.
This week’s theme: Governing Goof-Ups!
Freight surge: The Baltic Dry Index climbed 7.4 percent, with Capesize up 1.0 percent, Panamax 0.4 percent, and Supramax 0.5 percent.
Oil prices: WTI crude inched higher to USD 62.74 per barrel.
Currency moves: The Indian rupee weakened to INR 88.28, Pakistani rupee to PKR 284, Bangladeshi taka to BDT 122.02, and Turkish lira to TRY 41.33.
Steel plate prices: Stayed firm across major recycling centers—India USD 448/T, Pakistan USD 625/T, Bangladesh USD 519/T.
Conditions remained bleak and weak. Political stasis and slow Hong Kong Convention (HKC) approvals continued to limit activity. Only one 30 K LDT LNG carrier arrived while recyclers faced unsold steel inventories. Inflation eased to 8.28 percent, but ship-breaking operations remained minimal.
Alang recorded an unexpected influx of over 155 K LDT, including two 33 K LDT LNG carriers and several tankers. Yet record-low rupee levels and tariff concerns kept buyers cautious. Steel plate prices held at USD 448/T, leaving sentiment restrained despite the larger arrivals.
Gadani faced a second consecutive week of no arrivals. Steel plate prices remained high at USD 625/T, but a weaker rupee at PKR 284, combined with provisional DASR certifications and slow HKC yard upgrades, kept buyers on standby.
The market stayed quiet with no reported sales, continued bureaucratic hurdles, and a softer lira at TRY 41.33. Steel plate prices were unchanged.
Freight gained strength while steel prices held steady. India stood out with significant LNG arrivals, but Bangladesh, Pakistan, and Turkey remained subdued.
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