Cash buyer GMS is predicting demolition prices may breach what it calls the 'mythical' $600 per ldt barrier due to a lack of ships.

The Dubai company said subcontinent markets are continuing to fire during the summer monsoon months, partly thanks to firmer steel plate values.

GMS believes scrap prices are now at "previously unthinkable levels", with Bangladesh buyers willing to pay $590 per ldt for boxships already, while tankers were attracting offers of $580 per ldt and bulkers $570 per ldt.