Ship recycling activity in the subcontinent was halted since holidays in the Far East continued into the third week of February and as a result, the market slowed down, according to a report by shipbroker Clarkson Platou Hellas
The subcontinental market witnessed hardly any tonnage sales and owners focused on freight markets. Dry and container sectors continued to be lucrative and values have increased in the second-hand sector. Analysts and stakeholders had predicted tonnage from the tanker sector, however, there is no interest there as well.
According to Clarkson, this trend may continue into the first quarter of 2021. It cautioned the ports around the world to start preparing for another potentially barren year. If this pattern continues, future competition will increase, leading to increased price levels. Therefore, potential sellers should reap the benefits, the report said.