Ship Recycling: Market remained uinchanged across all major destination: BEST OASIS
EUSRR has been evaluated in a recent European Commission report, highlighting key challenges ahead of the Hong Kong Convention (HKC) coming into force in June 2025. The report points to re-flagging loopholes, weak enforcement of hazardous material inventories, and concerns over limited EU-approved recycling capacity, which undermine its effectiveness. While EUSRR sets higher standards than HKC, the Commission is exploring further regulatory measures and economic incentives to strengthen compliance and close enforcement gaps.
This week, the ship recycling market remained unchanged across all major destinations, reflecting subdued sentiment and limited activity. India saw no significant movement, with financial constraints ahead of the fiscal year-end keeping buyers cautious. Bangladesh continued to struggle with weak demand, with only a few vessels concluding deals as non-HKC yards leveraged the June 2025 extension. While most buyers adhered to local market levels, some paid a premium to secure tonnage before stricter regulations take effect. Pakistan’s market remained completely inactive, showing no new sales or price shifts, while Türkiye mirrored last week’s quiet trend with no notable changes. Overall, the market remains in a holding pattern, awaiting a trigger for revival.
As we mentioned earlier, U.S. government’s expanded 25% tariffs on steel and aluminum have intensified market uncertainty by removing country exemptions, phasing out product exclusions, and raising aluminum tariffs from 10% to 25%. The broader scope now covers more products, with a new exemption process for certain U.S.-processed materials. These changes increase costs for manufacturers, disrupt supply chains, and heighten trade tensions, leading to higher input prices, potential price hikes, and cautious investor sentiment.
India
Market activity is expected to continue at current levels until March amid fiscal constraints.
The market remained largely unchanged from the previous week, with a subdued sentiment. Market activity is expected to continue at similar levels until March, as financial constraints persist with the approaching fiscal year-end.
India’s domestically driven economy is expected to limit the impact of the US reciprocal tariff, with S&P Global Ratings and CRISIL indicating that the government is likely to meet its fiscal deficit targets for the current and next fiscal year. However, there is a concern that countries facing US tariffs may divert steel exports to India, increasing competition in the domestic market. Industry experts emphasize the need for safeguards against unfair trade practices to protect the Indian steel sector.
Beaching Dates
26 February to 05 March
13 March to 18 March
27 March to 31 March
Bangladesh
Price for Recycling Ships in Bangladesh The market stays subdued with selective acquisitions amid regulatory shifts.
The market remains lackluster, with no strong demand. Only a few vessels are concluding deals at slightly higher levels, mainly due to non-HKC-compliant yards leveraging the June 2025 extension before stricter regulations take effect. Prices have been adjusted in response to international market conditions.
Most regular players are looking at vessels as per local market levels, maintaining a cautious approach. Meanwhile, some buyers, aware of the limited time before stricter compliance rules take effect, are willing to pay a premium to secure tonnage ahead of regulatory changes. This has led to selective deals closing at elevated levels.
Beaching Dates
28 February to 03 March
14 March to 17 March
29 March to 31 March
Pakistan
Price for Recycling Ships in Pakistan The market continues its inactive streak with no signs of change or new activity.
The market remains stuck in its familiar pattern which is silent, inactive, and unchanged for yet another week. No new vessel sales, no movement in sentiment, and no signs of a shift anytime soon.
The Public Accounts Committee (PAC) reviewed audit reports on the Ministry of Industries and Production and Pakistan Steel Mills, highlighting concerns over financial mismanagement and inefficiencies. Meanwhile, authorities have handed over the case of unauthorized occupation of Pakistan Steel Mills land in Karachi to the National Accountability Bureau (NAB), which is expected to submit its findings within two months.
Beaching Dates Throughout the month
Türkiye
Price for Recycling Ships in Türkiye The market remains unchanged, mirroring last week’s activity and sentiment.
The market remains unchanged this week, with activity and sentiment holding steady from the previous week. The Turkish lira is expected to be among the top-performing currencies in the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region this year, according to a leading global investment bank. Analysts anticipate the lira will maintain its strong performance despite potential forex market uncertainties, helping minimize exchange rate risks for investors.
Beaching Dates Throughout the month
