Ship Recycling: India’s Market stability and positive trends persist: BEST OASIS

Ship Recycling: India’s Market stability and positive trends persist: BEST OASIS

In the ship recycling markets across four key destinations, distinct trends are observed. In India, the market shows positive momentum with stable rates, and prevailing conditions suggest continued market favorability, assuming stable supply levels and no major geopolitical disruptions. Bangladesh’s market has reactivated post-Eid holidays, experiencing a slight increase in activity and a rise in inquiries, with clearer market trends expected to emerge next week. Contrarily, Pakistan’s recycling market remains quieter, with lower offers from recyclers compared to other subcontinental regions. Meanwhile, in Turkiye, the market maintains stability with an increase in container supply, which may influence future pricing and demand dynamics in the recycling sector. 

The European Union, alongside the U.K., U.S., and Canada, has announced a series of tightened sanctions on Iran in response to its recent attack on Israel. These coordinated sanctions specifically target Iran’s drone and missile industries, focusing on individuals and companies integral to Iran’s drone production. This move represents a unified Western response to Iran’s aggressive actions. 

The global economy is projected to grow at a steady rate of 3.2% through 2024 and 2025, matching the pace set in 2023, according to the IMF’s latest World Economic Outlook. While advanced economies are expected to experience a slight acceleration in growth—from 1.6% in 2023 to 1.8% by 2025—this will be balanced by a modest deceleration in emerging markets and developing economies, which will see growth decrease from 4.3% in 2023 to 4.2% in the following years. The long-term global growth forecast stands at 3.1%, marking the lowest in decades. Meanwhile, global inflation is anticipated to decrease from 6.8% in 2023 to 4.5% by 2025, with advanced economies likely achieving their inflation targets before their emerging and developing counterparts. Core inflation is expected to decline more slowly over the period.

INDIA

Market stability and positive trends persist; India’s 2024 elections significantly impact the economic landscape. 

The market is currently signalling positive momentum and rates have remained stable compared to the previous week. 

This week’s ongoing trend and buyer enthusiasm suggest that market conditions are likely to remain favourable. Stability will likely persist, provided there are no increases in supply or significant geopolitical factors impacting the market. 

The 2024 General Elections in India represent a crucial event with significant economic implications. The potential impacts on economic growth, market stability, and investor confidence are under close scrutiny. The outcomes of these elections are anticipated to have profound effects on both domestic and international economic environments. 

Beaching Dates 

26 April to 29 April 2024

05 May to 13 May 2024

21 May to 29 May 2024