GMS Week 46 – FREIGHT TAKES THE HELM
Another week has passed without a meaningful change in global ship recycling conditions, although the trading market has strengthened its position once again. Dry freight has continued its recovery, crude oil has softened further and regional steel prices have offered some encouragement. Recycling indications remain unchanged across all four destinations, with healthy buying interest still ...
Week 46 of GMS saw no significant change in global ship recycling conditions, even though the trading market strengthened. Dry freight continued its recovery, while crude oil softened further and regional steel prices offered some encouragement. Recycling indications remained unchanged across all four destinations, but buying interest was frustrated by a shortage of available candidates.
Owners had worthwhile trading alternatives, leaving recyclers with limited opportunities. The Baltic Dry Index advanced to 3,020 on November 12, continuing its seven-day recovery. Capesizes, Panamaxes, and Supramaxes all showed improvement. The recovery in dry freight suggested better employment prospects for older bulk carriers, reducing the incentive for owners to consider recycling.
Lower oil prices and reduced military escalation in the Middle East offered some relief to recycling operations and steel production. However, uncertain trading conditions continued to influence tanker employment and owners' disposal decisions. Steel markets showed some movement, with Bangladesh plate strengthening and Indian steel improving.
Currency conditions in Bangladesh remained a concern, while Chattogram, Alang, and Gadani reported deliveries and smaller vessel arrivals. The overall market remained stable, with buyers maintaining their positions and stronger freight demonstrating why owners are reluctant to release ageing vessels.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.