NYK LNG carrier fetches highest demo rate of the year

Demo prices are achieving new highs with one old gas carrier managing to notch a very strong $551 per ldt.

The 1983-built Adriatic Energy, formerly owned by Japan’s Nippon Yusen Kaisha (NYK) and in layup this year in Labuan, Malaysia, has managed to get a price of $551 per ldt, the highest figure seen so far this year.

Brokers are anticipating a very strong October pricing-wise in the ship recycling sector.

Brokers Allied noted in their most recent weekly report: “Overall there has been a large increase in appetite amongst breakers, with a fair jump being noted in the quoted prices across all of the Indian Sub-Continent.”

Allied concluded: “[W]ith local steel prices still holding strong and most of the previous inventory now processed, it all seems as though the next couple of weeks will see a fair amount of heated competition take place as each looks to outcompete the previous seen price levels and entice the more high spec favorable units circulating the market.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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