The ship recycling market continued to remain under pressure: BEST OASIS
The ship recycling market continued to remain under pressure, with no region showing signs of recovery. In India, the brief optimism following policy interventions has faded, and local activity remains slow. The onset of summer is further straining yard operations as labour availability declines, while demand stays muted and largely driven by the need to keep facilities active rather than actual market momentum. Bangladesh continues to grapple with uncertainty around regulatory approvals, limiting operational capacity at non-compliant yards. The lack of clarity is impacting vessel movement and may contribute to tightening supply in the near term. Pakistan’s market remains quiet, with interest focused on select mid-sized units. However, competitive pricing remains a challenge, and future outlooks remain uncertain ahead of upcoming regulatory shifts. In Türkiye, the downtrend persisted for another week, with further softness in both import and local pricing adding to the ongoing market caution. As conditions remain uncertain, the market looks ahead with cautious expectation.
Global economic uncertainty has reached levels higher than those experienced during the pandemic, driven by persistent inflation, financial fragility, geopolitical tensions, and slowing growth. The IMF’s latest outlook reflects this rising unease, highlighting how confidence across markets remains vulnerable to shifts that are increasingly difficult to predict. In such an environment, visibility is limited, and future directions are shaped more by external risks than by internal momentum.
Exchange Rates:
USD / INR USD / BDT USD / PKR USD / TRY
This Week : 85.40 Previous Week : 85.43 Gained : 0.03
This Week : 121.52 Previous Week : 121.44 Lost : 0.08
This Week : 281.26 Previous Week : 281.28 Gained : 0.02
This Week : 38.42 Previous Week : 38.19 Lost : 0.23
Best Oasis Limited Weekly Ship Recycling Report 02
India
The market weakens again as brief optimism fades amid seasonal slowdown.
The market showed brief positivity at the beginning of the week following the implementation of a 12% safeguard duty on steel imports, but this optimism quickly 300 faded, and the decline has resumed.
Local activity is slow, with minimal movement expected in the coming weeks. As summer begins, many labourers are leaving yards to return home for agricultural work or to attend family events, reducing workforce availability. While demand for recycled steel remains subdued due to factory recycling projects sufficiently meeting current needs, many buyers are still seeking vessels. This is driven not by strong market demand but by the need to keep their largely empty yards active and engaged.
India continues to be the preferred destination for specialised vessel recycling, although standard tankers and bulkers are less likely to enter the market under the current conditions.
Beaching Dates
26 April to 03 May
11 May to 17 May
Bangladesh
Price for Recycling Ships in Bangladesh. The market remains cautious amid NOC delays and limited HKC compliance.
There are ongoing issues with obtaining NOC for yards that have not yet started SRFP or infrastructure upgrades for HKC compliance. As mentioned in the previous report, the possibility of an extension for non-green yards is becoming increasingly unlikely. The BSRB board is currently working with the government to push for this extension.
However, if the ministry does not approve, several vessels currently waiting outside the port may be left in limbo, which could disrupt yard availability and push up local prices. At present, there are around 40 active yards in Bangladesh, but only 6 are HKC-certified.
A few others are in the process of upgrading their infrastructure. The limited number of compliant yards, combined with uncertainty around policy decisions, may tighten availability and affect market dynamics.
Beaching Dates
26 April to 30 April
10 May to 14 May
Pakistan
Price for Recycling Ships in Pakistan The market remains under pressure, with limited buying interest and future uncertainty.
The markets continue to remain low. However, there is still steady buying interest for mid-sized vessels, particularly those ranging between 7,000 and 12,000 tons.
The pricing levels continue to trail behind those offered in Bangladesh, making it difficult to attract tonnage.
It remains to be seen how recycling operations will adapt post-June 2025, once the HKC comes fully into force.
The Pakistan Steel Melters Association (PSMA) has urged the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA) to take strict action as misleading content has been circulating on social media, spreading false pricing and market analyses of steel products, including scrap, billets, and rebar. PSMA warns that this misinformation is causing instability in the steel market and adversely affecting tax revenue.
Beaching Dates
Throughout the month
Türkiye
The market continues to weaken amid broader financial tensions. The market has dropped further this week, continuing a multi-week downtrend. Both import and local prices have declined by another 20 USD, compounding the fall observed in the previous week.
The IMF expects Türkiye’s economic growth to bottom out in 2025 before picking up to 3.2% in 2026, driven by recent monetary policy adjustments. However, these figures remain below the historical average of 3.7%, signaling a cautious recovery trajectory.
Beaching Dates Throughout the month
Bunker Prices at Port
Brent Crude WTI Crude
MGO – Previous Week MGO – This Week Increased
This Week : 65.69 Previous Week : 67.96 Movement : – 2.27
This Week : 61.97 Previous Week : 64.68 Movement : – 2.71
List of Vessels Sold this Week
VESSEL NAME TYPE OF VESSEL IMO NO.YEAR OF BUILD
COUNTRY
OF BUILDLDT TERM OF SALE LOCATION OF DELIVERY SALE PRICE/LDT (USD)
PILATUS 22 LPG TANKER 8822284 1989 JAPAN 974.00 DELIVERED CHITTAGONG,BANGLADESH 440
STARLET CHEMICAL TANKER 9282687 2003 TURKIYE 3609.00 DELIVERED ALANG, INDIA UNDISCLOSED (UNDISCLOSED QTY. OF SOLID STAINLESS STEEL)
