Ship Recycling: Remained challenging across all destinations: BEST OASIS
The world’s leading cash buyer for ships sending for recycling BEST OASIS in their weekly ship recycling report opined that the ship recycling market remained challenging across all destinations this week, reflecting a subdued and stagnant industry as 2024 concludes. In India, buyers showed interest but refrained from purchasing at current price levels, with speculation about anti-dumping duties creating further uncertainty until post-budget announcements in February 2025.
Bangladesh’s market was quiet, with recyclers facing year-end banking pressures, and no major shifts expected until elections in late 2025 or early 2026.
Pakistan experienced minimal activity due to ongoing economic challenges, while Turkey’s market remained slow and inactive with no signs of improvement. Each region faced unique economic and political hurdles in Pakistan and Bangladesh, while India and Turkey struggled with stagnation and lack of demand.
Overall, 2024 was not a fruitful year for the industry, and we now look to 2025 with cautious optimism, hoping for better conditions and new opportunities.
India
The market is stagnant as buyers await policy updates and sentiment shifts.
The market has remained largely stagnant, with a slow pace and a pessimistic mood prevailing.
While buyers are showing interest, they are reluctant to make purchases at the current price levels.
Some movement or a shift in market sentiment is expected after February 1, 2025, following the announcement of the budget as speculation continues around the potential imposition of anti-dumping duties, a long-debated issue linked to the surge in imports from China.
India’s economy is projected to grow at 6.5% in FY 2024-25, down from 8.2% last year, amid global uncertainties. The Finance Ministry’s forecast follows a slowdown to 5.4% GDP growth in the July-September quarter, reflecting external challenges.
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Bangladesh
Price for Recycling Ships in Bangladesh The market remains subdued as year-end settlements loom, awaiting 2025 election impact.
The market is currently slow and subdued, with no aggressive bidding taking place, making it a generally quiet phase.
Due to the end of the year and the banking cycle, banks are pressing recyclers to settle their accounts.
In 2025, no major market changes are anticipated until the elections, which may occur in late 2025 or early 2026.
The election period could potentially shift the current market dynamics; otherwise, the situation is expected to remain largely similar.
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Pakistan
Price for Recycling Ships in Pakistan The market remains flat amid subdued activity and low industrial demand.
The markets are unchanged, with local markets experiencing very slow activity and minimal demand for ship plates.
As per ongoing reports, Pakistan has received a proposal from Russia to set up a new steel mill using existing infrastructure. The liquidation process is expected to conclude by June next year, with surplus staff being laid off. A technical committee’s findings this month will determine the way forward.
Pakistan has launched a new policy to attract investment in green projects by setting clear rules for carbon markets. Announced at a climate conference in Baku, it aims to support eco-friendly initiatives like Microsoft’s investment in the Delta Blue Carbon project, create jobs, boost the economy, and protect the environment.
Beaching Dates Throughout the month
Türkiye
Price for Recycling Ships in Türkiye Market sentiment remains unchanged as activity stays slow and optimism lags.
This week, the sentiment remained unchanged, with no developments or positive optimism. The market continues to be slow and inactive, just as it has been for some time now.
Turkey’s central bank cut its key interest rate by 2.5 percentage points to 47.5%, marking its first reduction in nearly two years. The decision cited slowing inflation, with trends stabilizing in November and expected to decline in December, supported by weakening domestic demand.
Beaching Dates Throughout the month
