According to GMS’s latest weekly ship recycling report. The ship recycling markets in Pakistan and Bangladesh have stabilized and shown increased activity at higher rates during the last five weeks. Additionally, the long-awaited Chinese New Year holidays have finally arrived worldwide. However, the start of ship recycling in 2024 has been quieter than expected.
Elections in Bangladesh have already concluded. It was Pakistan’s turn this week, with mobile phone & data services being suspended across the nation due to violence, riots, and bomb blasts. Even the killings of several innocents were reported.
Notwithstanding, Ex-PM Nawaz Sharif has become Pakistan’s PM for the fourth time. These elections were concluded in the same week that former Prime Minister Imran Khan was jailed for corruption amongst 100s of other prior charges. He is currently facing that resulted in the ongoing violence. Notwithstanding, with the results of the elections now announced, India’s turn is expected in March. Concluding an important quarter of possible change across the Indian sub-continent ship recycling markets.
Despite the efforts of Western Forces to contain the problem of merchant vessels being attacked by the Houthis in the regional shipping lanes, global trading markets have remained unusually strong. As a result, the expected “post-New Year aggression” from the sub-continent ship recycling markets has been delayed, a common trend in the industry.
Is the Ship Recycling Boom Over?
As a result, although Bangladeshi & Pakistani markets have managed to keep the sub-continent, recycling prices propped up while levels. Demand from these nations continues to gradually firm, and very few workable candidates remain on offer. The highly anticipated first quarter ‘spring’ in recycling seems delayed until Spring (and likely beyond). India was there, mainly due to the many MSC containers concluded with select HKC yards. However, the volatile local steel plate prices and fluctuations in the Indian Rupee have affected the sentiments of Alang buyers. Resulting in the lowest sub-continent levels on offer. On the other hand, Turkey to India hunts for cargo in the West.
