Ship Recycling: South Asian market subdued: BEST OASIS
Ship recycling markets across South Asia and Türkiye remain subdued, with caution prevailing across the board. In India, local sales are slow despite a slight uptick in price sentiment, as limited tonnage availability draws buyer interest without driving prices up. Bangladesh faces mounting delays due to stricter vessel approvals, disrupting supply chains despite underlying demand. Pakistan continues to mirror the previous week’s quiet tone, with little change in activity or sentiment. In Türkiye, minimal market movement is compounded by rising political unrest and economic uncertainty, further dampening confidence. Overall, supply constraints, regulatory hurdles, and broader economic pressures continue to keep the market in a holding pattern, with stakeholders hesitant to commit until clearer signals emerge.
Following the European Commission’s recent evaluation of the EU Ship Recycling Regulation, activist groups have renewed discussions and debates over the disposal of end-of-life vessels. Their concerns focus on loopholes such as reflagging, which allows ships to bypass EU standards and be dismantled in non EU yards. However, calls to limit recycling strictly to EU-listed facilities may overlook on-the-ground progress in key global recycling hubs. With a growing number of Hong Kong Convention-compliant yards in India and now also in Bangladesh, the global landscape is evolving. As the industry braces for a surge in vessel retirements, a more inclusive and unified approach — rather than regionally confined policies — may prove more effective in balancing environmental responsibility with available capacity.
Exchange Rates:
USD / INR USD / BDT USD / PKR USD / TRY
This Week : 85.45 Previous Week : 86.00 Gained : 0.15
This Week : 121.51 Previous Week : 121.47 Lost : 0.08
This Week : 280.12 Previous Week : 280.13 Gained : 0.01
This Week : 38.02 Previous Week : 38.01 Lost : 0.01
India
The market shows slight buyer interest amid tight tonnage supply, but overall sentiment remains slow.
The market remains sluggish on sales, with local activity still showing minimal movement despite a slight improvement in price sentiment.
The limited availability of tonnage has prompted increased buyer interest, as recyclers become more eager to secure units. However, price levels have not shown any real upward shift and continue to hover around previous benchmarks.
While buyer interest has slightly increased due to the scarcity of units, the broader market tone stays cautious, with participants reluctant to commit until more tangible changes emerge.
Beaching Dates
28 March to 31 March
01 April to 05 April
Bangladesh
Price for Recycling Ships in Bangladesh The market activity slows as stricter ministry controls hinder vessel approvals.
The market is experiencing operational bottlenecks as the ministry enforces stricter controls on vessel approvals. A growing number of incoming vessels are being rejected, disrupting the entire supply chain.
Despite interest in units, stricter scrutiny and unclear approvals have slowed momentum, with stakeholders adopting a more cautious stance.
Steel rod prices in Bangladesh have climbed above Tk 100,000 per tonne, following sustained pressure from rising input costs. Higher fuel expenses, logistics costs, and currency volatility have all contributed to the latest price adjustments.
Beaching Dates
29 March to 01 April
12 April to 15 April
Pakistan
Price for Recycling Ships in Pakistan The market shows no movement; economic and energy developments remain in discussion.
The market remains unchanged from the previous week, with activity and sentiment mirroring earlier trends.
Pakistan is set to impose additional taxes, including a possible carbon levy, after securing a USD 1.3 billion deal under the IMF’s Resilience and Sustainability Facility, raising total IMF support to around USD 8.3 billion.
Pakistan, in its latest engagement with Russia, conveyed interest in expanding crude oil imports, pursuing joint ventures in oil and gas exploration, and seeking cooperation for setting up a new steel plant.
Beaching Dates Throughout the month
Türkiye
The market remains unchanged, overshadowed by growing political and economic turmoil.
The market remains steady with no notable changes in local or import activity. Prices and sentiment continue to mirror recent weeks. Rising political unrest and financial uncertainty in Türkiye have intensified concerns over the country’s economic stability.
The ongoing turmoil is weighing heavily on investor confidence, while the Turkish lira continues to depreciate sharply. Recent developments have further eroded currency stability, adding strain to an already fragile economic environment.
Beaching Dates Throughout the month
Bunker Prices at Port
Brent Crude WTI Crude
MGO – Previous Week MGO – This Week Increased MGO – This Week Decreased 800.00
This Week : 74.10 Previous Week : 71.69 Movement : +2.41
This Week : 69.96 Previous Week : 67.87 Movement : +2.09
695.00
600.00
400.00
200.00
709.00
656.00
639.00
731.00
720.00 709.00 703.00
745.50
640.00
739.00
657.00
Houston Rotterdam Gibraltar Malta Fujairah Singapore
List of Vessels Sold this Week
VESSEL NAME TYPE OF VESSEL IMO NO. YEAR OF BUILD
KG 7CHEMICAL/PRODUCT
COUNTRY OF
BUILD LDT TERM OF
SALE LOCATION OF DELIVERY SALE PRICE/LDT (USD)
TANKER9213222 2000 JAPAN 2,649.00 DELIVERED ALANG, INDIA 630 (CONTAINS UNDISCLOSED QTY OF SOLID STAINLESS STEEL)
SHENG TAIGENERAL
CARGO SHIP9169304 1997 CHINA 2,225.00 AS-IS SHANGHAI 333.53 XIE HAI CHONG HE BULKER 9086980 1995 JAPAN 10,346.00 AS-IS HAINAN 410
