During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition yards…
“In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996…
Like much of the world, one word adequately describes the ship recycling market in 2022: turbulent.According to GMS, prices reached decade long peaks above $700/LDT in the first quarter of the year before crashing back down by about $200/LDT…
Following the sale of Capesize bulkers for recycling last week, the trend has continued this week as well, with further transactions reportedly taking place on units – including Capes and a Suezmax tanker, as the market finally shows signs of life after an absolutely inert summer…
The ongoing sub-continent collapse in prices fully materialized this week, with all sectors talking down the market and refusing to offer anew on any fresh tonnage whilst they wait for markets to stabilize. As the Ukraine conflict endures, fundamentals…
It has been a woeful week across all of the major ship recycling markets, with some tumultuous declines leading to minimal interest and offers on any available tonnage.It increasingly seems as though it may be a much softer summer given prevailing sentiments…
Sub-continent markets have taken a turn for the worse this week, as collapsing steel prices in India and Eid holidays in Pakistan, Bangladesh, and Turkey have led to depressed sentiments and virtually no new offers emanating on any available tonnage…
According to GMS, it has been another impressive week in both the Indian and Pakistani markets, with reportedly several sales taking place above the $700/LDT mark. These levels seem increasingly indicative of a market that is firm and these…
It has been another challenging week in the sub-continent markets, with a resurgent India and a Bangladeshi market that is still reeling from some of the recent falls in local steel, which have seen nearly $50/LDT knocked off the prices this week alone…
It was another incredibly firm showing from the sub-continent markets this week, according to GMS, particularly Bangladesh and even a recently resurgent India (who now seem to be competing even more on tonnage), whilst Pakistan misses out on units once again…
Following recent upward moves on domestic steel plate prices at nearly every major recycling destination, it was another week of firm pricing and a sub-continent market that is still on an aggressive footing for the most part.Demand remains…
Demo markets continue their upward trajectory this week surpassing the $600/LDT barrier on a number of select units. This may be due to a general paucity in the overall supply of tonnage over these quieter summer/monsoon months, while local steel plate prices have regained momentum of late…
Dr. Anil Sharma, CEO and founder of GMS, is a dominate player in the world’s ship recycling business. MR TV caught up with him in late June 2021 for insights on the pace and direction of ship recycling activity and pricing.Dr. Sharma, to start…
