Ship Recycling: Downward trend continues in India: BEST OASIS
The ship recycling market remained weak across all major destinations, with limited movement and sentiment largely unchanged. In India, the downward trend continued as safeguard measures failed to revive demand, and financial stress weighed heavily on both mills and buyers. Bangladesh stayed stagnant, with the market awaiting the long-anticipated NOC decision expected to be announced soon. Pakistan saw minimal activity, with buyers focusing only on smaller vessels and quoting unworkable prices for larger ones, while progress toward HKC compliance remained uncertain. In Türkiye, the market stayed depressed, with no shift in pricing and buyers cautious amid widening trade deficits and persistent inflation.
As India accelerates its efforts to scale up maritime infrastructure and global standing, Maharashtra has approved a policy focused on shipbuilding, repair, and recycling. The move aligns with the Maritime India Vision 2030 and supports the country’s goal of becoming a top-five shipbuilding nation and a global leader in ship recycling by 2047.
As global economic uncertainty grows, concerns over inflation, weaker growth, and disrupted trade continue to build. S&P Global has warned that the effect of ongoing US tariffs could now lead to a sharper slowdown, with sectors like technology, telecoms, retail, and automotive facing rising costs and supply chain stress. Insights from GlobalData also highlight how companies are struggling with pricing pressure and sourcing instability. While fossil fuels remain largely unaffected, wider trade imbalances are forming. These shifts could begin to reshape global shipping dynamics, adding further unpredictability to trade flows in the months ahead.
Exchange Rates:
USD / INR USD / BDT USD / PKR USD / TRY
This Week : 84.47 Previous Week : 85.40 Gained : 0.93
This Week : 121.56 Previous Week : 121.52 Lost : 0.04
This Week : 281.16 Previous Week : 281.26 Gained : 0.10
This Week : 38.56 Previous Week : 38.42 Lost : 0.14
Best Oasis Limited Weekly Ship Recycling Report 02
India
The market weakens further as the safeguard duty fails to support sentiment.
The market continued its downward trend this past week, with sentiment now lower than the previous two weeks. The earlier implementation of a 12% safeguard duty on steel imports has failed to provide support, and the local market remains under pressure with weak sentiment and no meaningful recovery in sight.
HRC and CRC prices have been increased by domestic mills, but sales remain sluggish as financial stress grips both mills and buyers across the market.
Overall, there has been little to no movement this week, with tight liquidity and low market confidence continuing to weigh on overall activity.
Price of HMS 1&2 (80:20) and Shredded, Previous Week This Week
Beaching Dates
02 May to 03 May
11 May to 17 May
24 May to 01 June
Bangladesh
The market remains stagnant as recyclers await NOC decisions and possible extensions.
The committee to finalize NOCs has been formed, and an update on NOC decisions is expected soon. As stated in previous reports, the BSRB board had completed yard inspections in mid-April, and news regarding the extension is expected today or tomorrow, or at the latest by the coming week.
Yards that have started the work for HKC compliance and have completed approximately 60–70% are expected to receive NOCs, as they have requested a two-month extension. Yards that have not initiated any work are not expected to receive NOCs. Recyclers are actively pushing for a decision.
The Bangladesh market has remained in a stagnant position over the past few days, with limited movement as all eyes remain on the NOC decision.
Beaching Dates
11 May to 14 May
26 May to 29 May
11 June to 14 June
Pakistan
Market sentiment stays weak, with limited interest and mounting uncertainty on HKC readiness.
The Pakistan market continues to struggle with very limited local activity. Steel prices remain flat, showing no signs of improvement, and overall sentiment is weak across the board.
Buyers are currently showing interest only in smaller vessels ranging between 5,000 to 10,000 tons. For larger vessels, there are hardly any buyers, and where interest does exist, price expectations are significantly lower and uncompetitive compared to Indian market levels.
While several yards in Pakistan have signed up for HKC certification, it remains to be seen when actual compliance work will begin. With the June deadline approaching, it appears unlikely that any yard will be ready in time to meet HKC requirements.
Beaching Dates Throughout the month
Türkiye
The market remains subdued amid cautious sentiment and economic headwinds.
The market remains very depressed, with minimal price movement. Buyers are extremely cautious, adopting a wait-and-see approach due to ongoing macroeconomic instability.
Turkey’s foreign trade deficit widened to $9.86 billion in April, the largest since July 2023, driven by a 4.0% year-on-year increase in imports, while exports grew by only 0.1%.
Inflation in Türkiye remains high, with the annual rate reaching 68.5% in March 2025. This sustained cost pressure continues to affect consumer confidence and purchasing
Beaching Dates Throughout the month
