Breakers slide with the rupee

摘要

Indian shipbreakers and cash buyers are suffering mounting losses as the rupee plunges to an all-time low and hovers around Rs58～59 against the US dollar. Fairplay understands buyers have already lost millions on the values of their stock while demolition sales are hitting rock bottom. Nitin Kanakia, secretary of Ship Recycling Industries Association India, described the market as extremely bad, "a complete bloodbath". Many people are losing a great deal of money, he said. "Because shipbreak-ing is cyclical, we sometimes make money, and sometimes lose money. Over the past two years it has been a struggle just to break even, but the rupee slide in June hit us hard."