Page 51: of Maritime Reporter Magazine (January 2022)

Ship Repair

Recent projects and upgrades from ship repair and conversion

Overview: The Shipbreaking Market ub-continent ship recycling markets (including Turkey) edly sold to Gadani Recyclers from existing Cash Buyer in- remained in a precarious position at the end of 2021, ventories and at solid numbers to boot - those not too far from

Swith the recent decline in steel plate prices mixed in with where Bangladesh currently is.

the crushing depreciation of currencies that has led to a seri- Chattogram has seen a number of vessels arrive and beach ous dearth in the global demand for tonnage. over recent tides – including several larger LDT units /VLCCs/

As a result, there have still not been any noteworthy sales at FSUs – and so it is perhaps understandable to see a weakening these new lower levels to justify some of the alarming news Bangladeshi demand as most Recyclers seek to monitor com- emanating from sub-continent markets, and it does seem that peting markets and re-adjust/lower their numbers accordingly, much of what we are hearing is far more dramatic than current hoping to acquire a bargain or two.

realities on the ground. Overall, the overriding feeling is that fundamentals have

Steel plate prices in India have collapsed by over $60/LDT not declined so dramatically in most of the sub-continent mar- in recent weeks. Yet, sales of stainless-steel units (in particu- kets that justify some of the opportunistic and lower levels lar) continue at ever impressive numbers to Alang Recyclers. currently on show, and given a period of festivities/Christmas

This is likely because the non-ferrous market is comparatively respite, we may see markets come roaring back as the industry more specialized and is somewhat insulated from the wider heads into the New Year.

steel markets.

On the currencies front, the Turkish Lira and the Pakistani

Rupee have both depreciated to their (respective) highest ever levels against the U.S. Dollar – continuing an ongoing theme with the depreciations that we have seen for much of this year.

Notwithstanding, the markets still saw several units report-

Pro? le: Verret Shipyard, Inc.

erret Shipyard, Inc., is a full service shipyard, located on the

VPort Allen route, just south of

Port Allen lock. Verret specializes in ? ve year dry dockings as well as repow- ers, but can cater to any need, from steel and aluminum fabricating to carpenter work, machine shop, blasting and paint- ing, fuel tank cleaning, electrical, etc.

Verret Shipyard is also capable of mak- ing onboard emergency repairs within a reasonable travel distance.

Over the course of 70 years in opera- tion, the shipyard has been at the fore-

Photo courtesy Verret Shipyard front of building and maintaining ves- sels and the Verret shipyard crew have developed ef? ciencies that has led this with its railway and ? oating drydock. Carriers, Capt. Frank W. Banta and Ben industry in good marine practices. Ver- The shipyard has recently completed Hays, a pair of 1600 hp, 76 x 32 ft. sister ret can dry dock vessels up to 700 tons work on two newbuild vessels for Chem vessels. www.marinelink.com 51

MR #1 (50-59).indd 51 1/7/2022 10:31:18 AM