"The only safe ship in a storm is leadership." -Faye Wattleton - www.gmsinc.net - Capital Link Shipping
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"The only safe ship in a storm
is leadership."
—Faye Wattleton
www.gmsinc.net GMS_Leadership GMS Inc. GMS,Inc. gms.inc,l’
-+Ali / +N
March 5th, 2021 “The elevator to success is out of order.
Volume 223, Issue 970 You’ll have to use the stairs . . . one step at a time.”
Week 10 – Kathy Collins
Highlights: MARKET COMMENTARY
PAKISTAN POWER PLAY!
• Shooting back. This week, steel prices in Asian recycling markets (save for India) have shot back up again, as
this rollercoaster year continues. This time (and largely following a period on the sidelines at
the start of this year) it is Pakistan, surging to the forefront of the pricing charts once again and
regaining control of recycling industry’s attention.
•Rivalry. Bangladeshi Buyers are trying their best to keep up and have managed to secure at least one
VLOC that was already in Cash Buyer hands this week. However, the show stopping sales for
the week certainly took place into Pakistan.
• Pak demand. Demand has been steadily firming in Gadani since the 2020 mid-year-binge that saw them
secure a majority of the market tonnage and following the boon on import duties and taxes
mentioned last week, the ship recycling sector in Pakistan has really taken off this week.
It will be interesting to see if this most recent surge in Pakistan can be sustained for much of
• Short lived? the year, or as with Bangladesh in mid-January, prices could come rolling down as steadily as
they gained ground.
At least Gadani buyers have some fierce competition from their Bangladeshi counterparts, who
have seen steel prices claw much of the ground lost back and are hot on the heels of any market
• India behind. tonnage, particularly those geographically positioned in the Far East.
India remains the lowest placed of all the subcontinent recycling markets yet again and it seems
doubtful they will be able to secure much tonnage if the current trend persists, especially if
there is a shortage of HKC green vessels and specialist (rich in non-ferrous) units for them at
• Turkey steady. present.
On the far end, the Turkish market finally evened out this week with local steel prices and steel
imports reporting no major change for the week, resulting in vessel prices being unchanged.
Even the Lira has weakened again, approaching the TRY 7.5 mark against the U.S. Dollar,
leaving this market in a cautious state for the time being.
For week 10 of 2021, GMS demo rankings / pricing for the week are as below.
Demo Dry Bulk Tankers Containers
Location Sentiment
Rank USD / LDT USD / LDT USD / LDT
1 Pakistan Improving 450 / LDT 460 / LDT 470 / LDT
2 Bangladesh Improving 440 / LDT 450 / LDT 460 / LDT
3 India Improving 430 / LDT 440 / LDT 450 / LDT
4 Turkey Steady 240/ LDT 245/ LDT 250/ LDT
67(GMS Weekly Page 2 of 8
BANGLADESH
DISTINCTLY SECOND
BANGLADESH
PLACED!
BANGLADESH
There have been some frustrations in Bangladesh this week, as End Buyers have
Frustrations. missed out on some choice units, with Pakistan roaring back into the picture.
BANGLADESH
For now however, Bangladesh appears to distinctly be in second place to their
Pakistani neighbors and Chattogram Buyers may have to settle for smaller LDT units
and those geographically-positioned in the area.
BANGLADESH
One sale was confirmed from earlier in the week as Soechi of Indonesia finalized their
tanker FORTUNE GLORY XLI (10,659 LDT) for USD 475/LT LDT (with inward
Tanker sold. clearance costs for Buyers)
BANGLADESH
BANGLADESH
BANGLADESH
MARKET SALES REPORTED
VESSEL NAME TYPE LDT REPORTED PRICE
FORTUNE GLORY XLI Tanker 10,659 USD 475/LT LDTPage 3 of 8 GMS Weekly
INDIA
INDIA
WATCHING BRIEF!
INDIA
As the lowest placed sub-continent market for another week, Alang Recyclers can only
watch on as both Pakistan and Bangladesh surge ahead and secure some impressively Lowest placed.
priced sales in the high USD 400s/LDT.
INDIA
The good news for the year has concerned the government’s budget announcement to
support the ship recycling industry by signaling intentions to double India’s domestic
recycling capacity by 2024.
INDIA
However, there remains a rather frustrating lack of activity in India at present, with
Not competitive.
prices marooned too far behind their Bangladeshi and Pakistani competitors at present
to be competitive.
INDIA
A curiously high-priced sale did take place into India as the USA built and owned Bulk
Carrier TEXAS ENTERPRISE (7,646 LDT) was committed for recycling last week at a
INDIA
whopping USD 415/LT LDT basis an “as is” Djibouti delivery OR USD 435/LT LDT basis
an “as is” Mumbai delivery (in Seller’s choice) for HKC green recycling and extra
payment for bunkers. These curiously firm levels were probably the result of a Cash
Buyer speculating a firming India in the very near future (similar to competing sub-
continent markets at present). INDIA
MARKET SALES REPORTED
VESSEL NAME TYPE LDT REPORTED PRICE
USD 415/LT LDT ‘as is’ Djibouti OR
TEXAS ENTERPRISE Bulker 7,646 USD 435/LT LDT ‘as is’ Mumbai for
HKC green recycling.GMS Weekly Page 4 of 8
PAKISTAN
BACK ON TOP! INDIA
INDIA
As prices in Pakistan propel to the top of the market rankings once again, two government
Propelled. rulings have aided local steel prices over the course of the week.
INDIA
Firstly, the decision not to increase the electricity tariff (which affects cutting costs) and
secondly, taxes on imported scrap will be charged at the custom tariff rate (not actual
imported rate), thereby assisting ship recyclers on their end product.
INDIA
This has seen prices spike sharply up by at least USD 25 – USD 30/LDT in just one week
and place the Pakistani market back on top of the rankings for the first time in months.
Two big sales.
Two show stopping deals were concluded to hungry End Buyers this week as firstly, the
INDIA
Panamax Bulker THE MERCIFUL (9,796 LDT) was committed for a massive USD 480/LDT.
Subsequently, a keen Gadani End Buyer got back in on the act for the larger LDT units by
securing the second Sinokor VLOC sold for recycling this week, as the SINOCARRIER
INDIA
(39,125 LDT) fetched an impressive USD 478.5/LT LDT.
Buyers ready to acquire
INDIA
MARKET SALES REPORTED
VESSEL NAME TYPE LDT REPORTED PRICE
SINOCARRIER VLOC 39,125 USD 478.5/LT LDT
THE MERCIFUL Bulker 9,796 USD 480/LT LDTPage 5 of 8 GMS Weekly
TURKEY
STEADY!
After weeks of volatility, Turkish market fundamentals finally leveled out this week, with
both import steel and local steel plate prices reporting no change. On the contrary, the Steel steady.
Turkish Lira even declined by nearly 10%, by approaching the TRY 7.50 mark against the
U.S. Dollar.
No market sales have been reported and we are noticing pricing disparities from those
brokers whose yards are full vs. those recyclers who are slowly opening up negotiations.
Prices are certainly higher than those listed in the market section above and depending on
the type of unit and the End Buyer, Ship Owners and Cash Buyers could easily get more. Better Q2?
Overall, we can expect the market to firm up once Q2 comes along.
NO MARKET SALES REPORTEDMiscellaneous Page 6 of 8
i
AMAZING FACTS
Redheads aren't actually going extinct. Periodically, a rumor starts on the internet that says natural redheads
will become extinct by the year 2060. Lucky for gingers everywhere, this is a myth. It's true that the gene that
causes red hair is recessive, meaning that both parents must have it for their child to have red hair. However, even
non-redheads can carry the red hair gene, and it can pop up unexpectedly in generations down the line.
Pro baseball once had women players. While there are currently no female players in Major League Baseball,
there have been plenty of women in professional men's leagues. The first was Lizzy Arlington, who pitched during
the ninth inning for the Reading Coal Heavers in 1898 and won her team the game. A little over 30 years later, an
African-American woman, Jackie Mitchell, pitched against the Yankees during an exhibition game, striking out
both Babe Ruth and Lou Gehrig. What's more impressive: Mitchell was 17 years old at the time.
Koalas have fingerprints. Chimpanzees and gorillas have human-like fingerprints and so do koalas. In fact,
koala prints are very similar to human fingerprints, even to expert crime scene investigators. As of yet, no koalas
have framed humans for their crimes, but now we know it's not impossible…
Humans are just one of the estimated 8.7 million species on Earth. Human beings may dominate the planet
with our sprawling cities and far-reaching technology, but we are, in fact, just one species among some 8.7 million
that live together on planet Earth. One 2011 study published in the journal PLoS Biology estimated that "the
various forms of life on the planet included 7.8 million species of animals, 298,000 species of plants, 611,000 species
of mushrooms, mold and other fungi, 36,400 species of protozoa, and 27,500 species of algae or chromists."
IMPORTANT DATES
INDIA
BANK HOLIDAYS BEACHING TIDES
March 11 – Mahashivratri March 11 – March 17
March 29 – Holi March 27 – April 03
BANGLADESH
BANK HOLIDAYS BEACHING TIDES
March 26 – Independence Day March 14 – March 17
March 29 – Shab e-Barat March 30 – April 01
IMPORTANT BANK HOLIDAYS
CHINA PAKISTAN TURKEY
No holidays in March No holidays in March No holidays in March
Prices indicated above are as reported in the market and are not necessarily accurate. This information is provided without prejudice and is given in
good faith and without any guarantees whatsoever. While every care has been taken in the preparation of this report, no liabi lity can be accepted for
any loss incurred in any way whatsoever by any person relying on the information contained herein. Opinions expressed herein may be deemed
subjective and arbitrary. This WEEKLY is intended only for the person or entity to which it is addressed and may contain conf idential and/or
privileged material. Any review, retransmission, dissemination or other use of this information by persons or entities other than the intended recipient
is prohibited.Page 7 of 8 GMS Port Report
ALANG - Port Position as of Arrived March 05, 2021
No. VESSEL NAME LDT TYPE STATUS
1 Ace 9,359 Tanker Beached March 02
2 Baby Leen 2,557 General Cargo Arrived March 02
3 Celia 3,578 LPG Arrived February 27
4 Grand Solaris 21,093 Bulk Carrier Beached February 25
5 Linda - 1 1,833 Supply Vessel Arrived November 13
6 Sea Princess 3,027 Oil Tanker Arrived February 28
Total Tonnage 41,447
CHATTOGRAM - Port Position as of March 05, 2021
No. VESSEL NAME LDT TYPE STATUS
1 Anda Raya 7,925 Bulk Carrier Beached March 02
2 Excel 2,406 General Cargo Beached February 28
3 Helgis 3,339 General Cargo / Container Beached March 03
4 Pravik 7,352 Bulk Carrier Beached March 01
5 Refinded 7,352 Bulk Carrier Beached March 01
6 Rigel 10,156 Bulk Carrier Beached March 03
7 Salam Mewah 5,309 Container Beached March 02
8 Sinotrader 38,493 Ore Carrier Beached February 28
9 Sunny Bright 2,392 Container Beached March 04
10 Winfred 6,310 Bulk Carrier Beached March 02
Total Tonnage 91,034
GADANI - Port Position as of March 05, 2021
No. VESSEL NAME LDT TYPE STATUS
1 Al Masilah 4,400 Tanker Beached March 05
2 Best Success 6,500 Bulk Carrier Arrived March 03
3 Princess Dina 2,105 General Cargo Beached March 01
4 Sea Queen 1,915 General Cargo Beached February 28
Total Tonnage 4,400
WHILE EXTREME CARE HAS BEEN TAKEN IN THE PREPARATION OF THIS REPORT, NO LIABILITY CAN BE ACCEPTED FOR ANY LOSS INCURRED IN ANY
WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.Steel Plate Prices Page 8 of 8
INDIA STEEL INDIA STEEL PAKISTAN STEEL PAKISTAN BANGLADESH STEEL BANGLADESH CHINA STEEL
DATE
PRICES USD/T PRICES PRICES USD/T STEEL PRICES PRICES USD/T STEEL PRICES PRICES USD/T
2/27/2021 479.17 35,200.00 592.69 94,000.00 543.86 46,500.00 439.63
2/28/2021 479.17 35,200.00 592.69 94,000.00 543.86 46,500.00 439.63
3/1/2021 481.37 35,400.00 611.60 97,000.00 543.86 46,500.00 439.36
3/2/2021 481.19 35,300.00 611.60 97,000.00 564.91 48,300.00 454.16
3/3/2021 484.11 35,200.00 611.60 97,000.00 564.91 48,300.00 454.58
3/4/2021 472.33 34,400.00 605.30 96,000.00 564.91 48,300.00 457.86
3/5/2021 470.07 34,400.00 605.30 96,000.00 564.91 48,300.00 456.83
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