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Ship recycling market expected to pick up steam

 

The ship recycling market is bound to pick up steam once more, with brokers claiming that containers and tankers will likely be the main candidates for sales.

 

In its latest weekly report, shipbroker Clarkson Platou Hellas says that for the first time this year, one is seeing the Indian market leading the way in the Subcontinent as Prime Minister Modi’s general election win brought some renewed confidence back to the market. It would be expected that containers and specialist tanker units would receive stronger numbers at present compared to Bangladesh that has been swallowing the majority of tonnage for the year, although those in the market still expect any larger dry units, such as Capesize tonnage, to end up on Chattogram shores due to their preference for these units.

 

However, confidence from Bangladesh has certainly drained recently with the budget on June 13 making cash buyers and recyclers anxious due to rumours that tax duties will be imposed which could, in turn, cripple rates on offer from the domestic recycling yards and steel mills, said a release.

 

Source : Exim News Service - London, June 11

 

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