| News & Trends | ||
| Indian ship breakers to make better profit margins - 21 Nov, 2008 | ||
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BS reported that the domestic ship breaking industry which incurred losses in the past two months due to falling scrap prices is finally looking for better profit margins as the cost of purchasing old ships has fallen. Mr Harish Patnaik chief general manager of State Bank of India said that “It is a lifetime opportunity for ship breakers to make money.” According to SBI, ship breakers are making losses of INR 3 crore to INR 15 crore on the vessels purchased two months ago as scrap prices have dropped and the rupee has depreciated. Mr Patnaik said that “Soon ship breakers are going to overcome these losses and make profit as freight rates remain low.” Till two months ago, these ships were bought at USD 750 per LTD but currently, old ships are available at USD 250 per LTD. The Ship Breakers Association of India, an industry body is expecting a 3 fold jump in the total weight of ships to be broken in FY 2009 from previous year’s half a million tonne. | ||
| News And Trends | ||
 | Indian iron ore spot prices decline last week | |
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| Indian iron ore spot prices decline last week | |
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| Indian iron ore spot prices decline last week | |
