Ship recycling markets in various key destinations have displayed contrasting trends over the past week, according to the latest report from Best Oasis, a prominent cash buyer of ships.
In India, the market has shown positive momentum with stable rates, indicating continued favorability assuming stable supply levels and no major geopolitical disruptions. Meanwhile, Bangladesh’s market has seen increased activity and inquiries following the Eid holidays, with clearer trends expected in the coming week.
On the contrary, Pakistan’s recycling market remains subdued with lower offers compared to other subcontinental regions. In Turkiye, stability persists with an uptick in container supply, potentially impacting future pricing and demand dynamics.
In global news, the European Union, alongside the U.K., U.S., and Canada, has announced tightened sanctions on Iran in response to its recent attack on Israel, specifically targeting Iran’s drone and missile industries.
The IMF’s latest World Economic Outlook projects steady global economic growth of 3.2% through 2024 and 2025, with advanced economies expected to accelerate slightly while emerging markets and developing economies may experience a modest deceleration. Global inflation is forecasted to decrease from 6.8% in 2023 to 4.5% by 2025, with advanced economies likely to achieve their inflation targets sooner than others.
In a separate note, shipbroker Banchero Costa reported a quieter week across the Subcontinent in terms of sales, but strong demand persists. Indian recyclers have recently become more competitive in the market, while pricing remains uncertain, particularly for older vessels.
Source: Hellenic Shipping News
