BIMCO has launched a Ship Recycling Alliance to help accelerate safe and environmentally sound recycling of ships. The alliance will co-ordinate the voices of the ship recycling industry and the shipping industry and help facilitate the global implementation of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC).
European automakers are the most likely to be affected by the dockworkers strike at U.S. East Coast and Gulf Coast ports because they rely heavily on those locations, but a longer walkout could prove "debilitating" to the entire sector, industry officials and analysts said.The dockworkers began their first large-scale stoppage in nearly 50 years early on Tuesday
South Korea's business leaders are taking action to offset the threat posed by U.S. President Donald Trump's aggressive trade policies, hiring his former aides and lobbying Republican states out of frustration with delays by their own government which is mired in a political crisis.
The Rolling Stones were wrong: Time is not on my side.Too often a myth is created and if not killed off right away, it will take on a life of its own and time will not debunk it. Many myths are created for evil or political purposes, but some myths just occur because the truth is just too complicated.Some of those myths don’t even make sense, but there is no available data to establish the truth.
Dee Burch is now the sole proprietor of Gunderson Marine & Iron (GM&I). Recently acquiring all shares of GM&I, Burch assumes the role of president, managing day-to-day operations.“My transition to an active role in the organization is both a profound honor and a tremendous responsibility,” Burch said. “We stand on the shoulders of giants that have built a stellar 100-plus year history.
As Russia's war continues to rage in Ukraine and tensions hit a fever pitch in the Middle East, zooming out of the ship recycling markets, GMS sees geopolitical events taking centerstage across all shipping sectors (trading and recycling) for yet another week, with no end in sight.
As global ship recycling markets head into the final month of the year on a comparatively firmer footing and a 2024 full of minimal sales and activity wraps up, cash buyer GMS says that noteworthy declines in prices have seen nearly USD 150/LDT wiped from sub-continent ship recycling levels.
There seems to be positivity in the ship recycling market as the Baltic Index’s main Sea Freight Index fell for its ninth consecutive week this week, dropping to its lowest levels of the year, reports cash buyer GMS.“In essence, this decline especially affects older trading fleets, which in turn has seen all recycling markets register imports at their respective waterfronts this week
Cash buyer GMS has seen some positive movement in the sub-continent ship recycling market. “While we do not expect tonnage to come flowing into the markets anytime soon, nor do we expect ship recycling prices to go skywards within this time frame, the ship recycling industry did see some positive movements with improving indications breaking cover from India and even Bangladesh this week.
The ship recycling market has so far been subdued in September, as expected, reports cash buyer GMS.Macro factors affecting the market include the situation in the Middle East, Houthi attacks on passing vessels and tensions caused by the repositioning of navies in response to ISIS fighters targeting U.S. bases.
Indian sub-continent ship recycling markets remain decidedly dicey as both currencies and local steel plate prices in India and Bangladesh declined even further this week, reports cash buyer GMS.“Vessel prices and demand take on a whole new meaning of industrywide suffering, especially with Turkey and Pakistani ship recycling markets still being remanded at the same resort over recent weeks.
The anticipated / ongoing seasonal slowdown in activity coupled with softening vessel prices has clearly started to characterize the year’s summer / monsoon mess across the Indian sub-continent ship recycling markets, reports cash buyer GMS.“However, the 2024 version not only includes the incessant rains and a holiday-time for yard workers