More ships were sold for demolition last week, but cash buyers and brokers warned that the trend is speculative amid fluctuating steel prices and an unstable rupee.
UK broker EA Gibson noted that while buyers have returned to the market, fundamental weaknesses persist. Delhi is considering whether to mandate toxic-free ships for demolition, while Chittagong yards are still filling up with ships.
Average prices remain unchanged. Major cash buyer, Dubai-based Global Marketing Systems, assesses Bangladeshi prices at $385/ldt for bulkers and $415/ldt for tankers; Indian prices at $380/ldt for bulkers and $410/ldt for tankers; Pakistani prices at $375/ldt for bulkers and $405/ldt for tankers and Chinese prices at $310/ldt for bulkers and $330/ldt for tankers.