In addition, Ramadan, which is affecting the Indian sub-continent & Turkey, is also in progress, leading to reduced working hours and a diminished appetite to buy, whilst the monsoon season is gradually picking up in the region.
During the rainy season, most tows of offshore units will likely be refused by underwriters.
Added together, this will lead to a typically disjointed and eventually quieter few summer months, GMS said in its weekly report.
There have been minimal drybulk and containership sales, as recycling of offshore units & tankers ramped into gear, a theme which is likely to continue in the latter half of 2018 in these beleaguered sectors.
Meanwhile, the Chittagong and Gadani markets have become full of late – especially at Gadani, which only recently reopened for its doors to tankers.
As a consequence, prices and demand have cooled off significantly (especially in Pakistan), thereby maintaining the industry’s focus on a resurgent Indian market, GMS concluded.
Meanwhile, the sixth session in GMS-IRCLASS series of training courses took place at Plot No 35, Leela Green Ship Recycling, on 11th of May, 2018 in Alang, India.
Safety officers from over 15 yards came together to update themselves on responsible ship recycling practices. The training was basically aimed at addressing oil spill control and management during the ship recycling process.
Training modules included an understanding of what constitutes oil pollution, oil pollution prevention, management and control during the ship recycling process and the precautions that must be taken while handling various kinds of oil, generated during the ship recycling process.
The training methodology was comprised of classroom lectures, videos, and demonstrations on the use of oil spill management equipment, such as oil booms, oil pads, foam, etc.
Elsewhere, brokers have reported that the Nordic American Tankers’ Suezmaxes reported last week sold for recycling were the 1998-built sisters ‘Nordic Jupiter’ and ‘Nordic Fighter’.
They were taken by undisclosed interests for $446.5 per ldt on the basis of ‘as is’ Singapore with 700 tonnes of bunkers ROB and gas free.
The only other sale of note was the 1997-built Aframax shuttle tanker ‘Oil Runner’ reported sold to undisclosed interests on private terms, ‘as is’ Khor Fakkan.