South Asian Demolition Bounces Back with Rise in Prices

South Asian ship recycling market has experienced increased activity on the sales front last week, which was accompanied by a rise in demolition prices, according to a report released by GMS, a cash buyer of ships for recycling in Bangladesh, India, Pakistan and China.

GMS said that Bangladesh and India “bore the brunt of the week’s fixtures,” while Pakistan also decided to got involved in the action, purchasing the only caper to be committed.

According to GMS, Bangladesh took the lead in demolition prices, as the Taiwanese-controlled Panamax bulker Ever Blossom fetched USD 278 per LDT, while the Panamax containership San Diego, from German owners Laeisz, commanded a whopping USD 287 per LDT in an ‘as is’ sale in Singapore.

On the Indian sales front, dry bulk units dominated the sales charts as the shipping company Precious sold their fifth unit this year, the Suchada Naree, which was committed for USD 260 per LDT. The similarly sized Ocean Whisper and the slightly larger handy bulker Mevlana both fetched USD 255 per LDT.

Pakistani buyers fell some ways behind their Indian and Bangladeshi counterparts as they continue to take time off. The only cape sale this week was concluded to Pakistani buyers as the Badri Prasad from Essar was re-committed for USD 270 per LDT after the initial sale failed due to owners not being able to clear the vessel’s mortgage in time, GMS added.

However, GMS believes that the number of available containers for demolition shows no signs of decreasing, which “is likely preventing further price improvements as local rumors of an impeding increase in the supply of vessels going into the fourth quarter of the year, persist.”

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