GMS Dubai shortlisted as Finalist for the ‘Shipping Company of the Year’ Award
GMS Dubai, the world’s largest buyer of ships and offshore assets, was shortlisted for the ‘Shipping Company of the Year’ award at yesterday’s 14th Seatrade Maritime Awards Middle East, Indian Subcontinent & Africa ceremony, held at Atlantis, The Palm Dubai.
The award honours companies that have undertaken a major transformation or had a significant impact on the region’s marine market. GMS was recognised for its transformative leadership of the ship recycling industry, its ongoing efforts to lead a global change in perceptions of ship recycling and its direct investment in both the expansion of its Dubai headquarters and the improvement of ship recycling facilities in India and Bangladesh.
GMS has driven forward the concept of re...
Beaching Ban Bad for Ship Recycling Industry
On Monday 20th of April 2015, Michael Grey of Lloyds List published the article "Name-calling bullies" where he outlined his opposition to the idea of banning beaching and gave reasons why such a decision would be impractical and unethical for the ship recycling industry.
In fact, throughout his article he stressed the improvements of safety and environmental standards which have taken place in facilities in the Indian subcontinent and highlighted the fact that these improvements had been witnessed during a fact-finding visit to Alang, India, by a delegation of Japanese industry and government officials organised by GMS. To quote the article directly:
"The visit, which was organised by the cash buyer Global Marketing ...
Secondary Steel Markets Sputters on Weekend in India
The brief spurt in raw material and steel prices witnessed over the last 3 days in India's secondary sector steel market, up on sentiments rather by increased demand, sputtered on weekend removing hopes of recovery in last leg of financial year
Price level of input material as well as finished had made rally over the last 3 days unexpectedly. The rally was primarily seen as firming up of domestic sentiments on the back bottoming out of iron ore and scrap levels in the international market.
Sponge iron price declined at all major locations by INR 100 to INR 200 per tonne due to oversupply and weakening sentiment in finished market.
Scrap price levels remained firm though since IF's indulged in stock replenishment in anticipation of further price incr...Read More
World's last single-hull VLCC heads for the Torch after several years laid up.
The world’s last surviving single-hull VLCC is set to make its final voyage to the breakers, market sources said this week.
SBM is said to have sold the 265,000-dwt Alba (built 1989) “as is” in Labuan, Malaysia.
Market experts are placing a price in the region of $10m on the vessel, which has been at anchor at the famous layup spot since June 2011.
SBM purchased the ship as Albatross from Greek owner Dynacom in a $25m deal in April 2011, with the tanker slated for conversion into a floating production, storage and offloading (FPSO) unit.
The scrap sale comes just a week after market speculation suggested the Alba, which was built by Hyundai Heavy Industries, was set for a final lease of life.
Potential storage deal
RUPEE SNAPS TWO-SESSION UPTREND VS US DOLLAR, DOWN 18 PAISE
MUMBAI: The Indian rupee today snapped its two-session uptrend against the American currency, falling 18 paise to close at 62.34 on fresh dollar demand from banks and importers.
The dollar was trading up in global markets on caution ahead of the US Federal Reserve's January policy meeting minutes release.
The rupee resumed lower at 62.20 per dollar as against on Monday's level of 62.16 per dollar at the Interbank Foreign Exchange (Forex) Market. It dropped further to 62.35 before ending at 62.34, a loss of 18 paise or 0.29 per cent.
The rupee had gained 15 paise or 0.24 per cent in the previous two sessions.
The rupee hovered in a range of 62.19 per dollar and 62.35 per dollar during the day.
"We believe ...Read More
INDIAN SECONDARY STEEL MARKET HAS MYSTIFYING RALLY
Pre Lunar Holiday iron ore recovery and steady scrap prices raise sentiments among India's secondary sector market players temporarily
Indian secondary steel market has been struggling to revive during the week which has been belied experts. Even the rally has not been steep it certainly has raised eyebrows coming at a time when the fundamentals remain unchanged.
On talking to experts Steel Guru come to know that the recent rally in international iron ore levels and resistance in scrap levels have created temporary optimism. However it is unlikely to sustain given the demand and liquidity crunch plaguing the market.
The price rally was across all products except structural steel declining at Ludhiana and Delhi but rally handsomely by INR 800 per t...Read More