Ship scrapping prices see unrealistic rise, according to industry magazine, Tradewinds.
In its weekly report, GMS explained: “Chinese containers have jumped well in excess of $265 per ton, indications from Bangladesh (for tankers) crept up towards $330 per ton, Pakistan tankers fetched [in the] region of $310 per ton and lastly India prices rebounded again this week passing the $250 per ton mark.
“With no rational explanation behind this jump, we wonder if it truly is an issue to be calm about, or approach with increased caution now that offers overall appear to be stronger.
“Subscribing to philosophy “better foresight through hindsight”, last week’s renegotiations at India and China are a stark reminder of what can happen if offers are unrealistically higher.”
Highlighting the recent price volatility, GMS points to the sale of the 156,000-dwt Hedwig (ex Hedwig Oldendorff, built 1983), which was set for scrap at $305 per ton on a forward sale deal penned in March.
This week, after the ship arrived at Chittagong anchorage, it was resold at $287 per ton, the report says.
GMS adds a recent rush of tanker sales is widening the price gap between wet and dry tonnage to unprecedented levels.
It said: “The dearth of yard space united with extremely selective nature of local buyers has gradually inched the price gap between wet and dry tonnage offerings from Bangladesh.
“For the most part, one would expect a $30 per ton different between a tanker and a bulker. However, of late, this difference has more than doubled.”
By Andy Pierce in London
