As top EU leaders also plan to meet with US president Trump on Monday and seek a path to end the Ukraine war, oil fell nearly 2% last week, reports cash buyer GMS.
It closing it out at $62.80/barrel even though the easing of sanctions could see oil trade ease in the coming weeks and traders remained bearish about the future.
As oil becomes cheaper and tariffs / sanctions start to hit globally, the Baltic Exchange’s Dry Index saw another week of growth as it rose 0.25%, marking a 7.24% increase just this year and a near 21% growth compared to the same time last year.
“This clearly highlights how tonnage has been meticulously drip fed to the ship recycling communities all while newbuilding productions continue on, entirely stuffing the seaways of units that have long past their glory days, but are being dragged on by ongoing profitable gains,” says GMS.
“In the interim, Indian sub-continent ship recycling markets continue to struggle with this ongoing slowdown in the supply of meaningful units not only over these much-anticipated-to-be a busier summer 2025, but even since early 2024 has this situation remained grim.
“And while we are seeing a decent bit of tonnage coming into the various waterfronts (especially in Pakistan) of late, given…