Although some momentum was generated in sub-continent markets over the preceding weeks as the 90-day pause on tariffs was announced, ship recycling markets have remained cautiously stalled, reports cash buyer GMS.“This comes as the ambiguity around U.S.

Even though dry markets were up for the week by 1.6%, overall, they have declined a massive 24% this month (according to Baltic Exchange Dry Index), reports cash buyer GMS.This comes as oil climbed over 3% to end the week at nearly USD 64.50/barrel, in the face of OPEC+ countries now reversing course on increasing output amidst a rampant decline in global energy demands.Sub-continent markets have also had to endure knock on effects of the tariffs as the standoff between China and the U.S.

“An extremely volatile week of tariff announcements, suspensions, mishandling of economic affairs and fluctuating markets has left Indian sub-continent ship recycling destinations on edge, fearful of the next moves by a seemingly irrational and aggressive Trump regime,” reports cash buyer GMS.“Reportedly, Trump’s tariff backtracks erupted on the back of a massive sell-off of U.S. Treasury Bonds (the Gold standard of currency for the U.S. Federal Government) from the Japanese market that caused the Team Trump to panic, resulting in his administrations erratic actions through this week.

The global ship recycling sector witnessed some interesting activity last week as local steel plate prices continued to climb in India, fall in China and flatline in Bangladesh and Pakistan, reports cash buyer GMS.Recycling activity has been picking up in sub-continent markets over the last few weeks as the number of deliveries greatly improved of late, but this week has seen the various waterfronts take a beating with no fresh arrivals in Bangladesh, while India and Pakistan snared just one each.“Even Bangladeshi prices that climbed briefly following on a dearth of tonnage…

Cash buyer GMS has reached a milestone in its drive to transform safety in the ship recycling industry with over 10,000 yard workers across India, Bangladesh and Pakistan having now received free, high-impact safety awareness training.The achievement marks a first for the industry and signals growing momentum ahead of the IMO’s Hong Kong Convention (HKC), which enters into force in June 2025 and sets international standards for safe and environmentally sound ship recycling.What…

Two OFAC-sanctioned VLCCs remain stranded outside Bangladeshi waters with no prospects of a final resting place, reports cash buyer GMS, and this is now seeing cash buyers and ship recyclers being vigilant in their due diligence prior to negotiating on units.There are reportedly still a few more units in cash buyer hands that are waiting to be introduced for a recycling resale. However, given the fate that the behemoth duo has run into outside Bangladesh, it remains to be seen how these pending and even future dealings with candidates from sanctioned source(s) will eventually transpire…

This week’s news was abuzz surrounding the two OFAC sanctioned VLCCs that recently arrived OPL Chattogram and are now stuck after undoubtedly risky transactions that have resulted in several failed onward resales, reports cash buyer GMS.Both vessels have yet to receive their respective No Objection Certificates (NOCs) to permit their entry into port limits for recycling. As the Artemis III and Itagua remain stranded, as the Bangladesh Ship Breakers and Recyclers Association (BSBRA)…

After what has certainly been a hectic January of negotiations and a late February / early March of unending deliveries with nearly 200K of LDT delivered in recent weeks, a period of calm reflection descended across Indian sub-continent ship recycling markets, reports cash buyer GMS, with an alarmingly minimal number of deals being fixed over recent weeks including this one.“And ever since prices have been at and even well under the now chased after USD 450s/LDT across the board (as confirmed via last week’s logger sale into Bangladesh)…

Charter rates continue to climb as dry bulk carriers, Capes and even Panamax sectors reported rising rates this week, reports cash buyer GMS.

A recent and ongoing uptick in freight rates across many sectors (especially dry, as wet rates have been performing far admirably in comparison) has resumed depriving global ship recycling markets of tonnage over the last couple of weeks, reports cash buyer GMS.“This has promptly manifested itself at the various sub-continent waterfronts this week in both India and even Pakistan that has now returned to an empty port position once again, resulting in a quieter time of late.”Even…

The effects of the US 25% tariffs announced on Chinese steel and aluminum products is already seeing destabilizing effects on ship recycling markets, says cash buyer GMS.“It remains unsure as to where much of this surplus / excess and resultingly cheaper steel will end up, devastating ship recycling prices.”Compounding market uncertainties have taken center stage, says GMS, with President Trump’s “uncalculated tariff wars sending economies rocking this week, unintentionally targeting the U.S.

The “raging fires of tariffs and counter-tariffs” that continue to suppress recycling vessel prices are creating a path for falling prices in the first, and possibly second, quarter of 2025, reports cash buyer GMS.“Some of the seriously older tonnage that has gotten an extension on their expiration dates via global events and wars that saw charter rates soar through the skies across 2023 and especially 2024, only subjected the ship recycling industry to one of the lowest volumes…

Despite a frantic start to 2025 that saw a marked return of recycling tonnage at the bidding tables, sale and purchase activity across the global ship recycling spectrum eased further this week as Chinese New Year holidays descended upon the world, says cash buyer GMS.“It is the Year of the Snake, and it is indeed expected to be a far busier one than the preceding years, with record low volumes of supply and an ensuing inertia that eventually led to the shuttering of yards across the major global ship recycling destinations in 2024.”Should supply become unsustainable…

As threats of trade wars loom, global shipping already seems to be reacting in kind with the Baltic Dry Exchange falling to its lowest since February 2023, says cash buyer GMS. This marks a clear shift towards easing freight rates as a gradually increasing number of over-aged assets have been making their way towards the bidding tables since the start of 2025.“Incoming Chinese New Year holidays has predictably seen an accelerated purging of older assets from Far Eastern waters including all those coming off charter amidst declining rates.

Nearly all recycling nation currencies reported dips this week, reports cash buyer GMS, with the Bangladeshi Taka taking the largest slice of the week’s depreciation pie.Even the Baltic Shipping Index has been reporting an overall downward trend in nearly all sectors, which has caused dry bulk markets to close another week with a near 6% decline.“As forecasted in weeks prior and based on the trajectory of charter rates through the tail end of 2024 and even thus far in 2025, ship recycling markets should continue to enjoy a healthier Q1 of vessel introductions…

The recycling traffic in both India and Bangladesh continued to surprise and impress (especially in India), in week 2 of 2025, reports cash buyer GMS.“The pre-existing state of global economies also continues to persist in the wake of the unfolding present as the U.S. Dollar continues to hammer recycling nation currencies marking noteworthy increases by the week,” says GMS.The steel prices affecting the ship recycling markets, including domestic levels, saw a weakening this week, with China leading the way in declining / cheaper steel that remains globally available.

2025 seems to have started on an optimistic note in the ship recycling markets, with a noticeable willingness to buy from various buyers across the Indian sub-continent, reports cash buyer GMS.However, although the turn of the year seems to be bringing in a sprinkle of optimism, there remains little to be cheery about as key economic factors affecting the various ship recycling locations continue to wobble as a result of geopolitical turmoil and China’s economic fragility.“News…

As a year of economic turmoil winds down on a quiet note, the world anticipates a 2025 that is bearing all the signs of a comparatively busier period across all sectors, says cash buyer GMS.The supply of tonnage has seen a year of record low recycling volumes, and yards are certainly yearning for busier days ahead, as freight markets increasingly start to divert more candidates for recycling, after a year of glorious charter rates across all sectors.Recycling prices have declined over the course of the year, from a high of USD 600/LDT during Q1, down to USD 450s/LDT come Q4 2025.

The Baltic Exchange’s main sea freight index eased for the fourth straight session on Friday, falling close to 0.5%, its lowest since July 2023. “This has certainly assisted the ship recycling sector with the supply of tonnage of late, fueling its survival into early 2025,” says cash buyer GMS.“As we stand on the edge of the final weeks of 2024, compared to the rest of the year, it certainly seems as though there has been more of an uptick in the markets of late, in addition to a far more positive conclusion for ship the recycling sector in the Indian sub-continent…

The Baltic Exchange Sea Freight Index cooled its seven-day losing streak on Friday, bouncing back about 0.5%, and propelled primarily by larger sized vessels. Translation? “The ensuing performance of the Baltic Exchange Dry Index has, and should see a general increase in the supply of mid-sized (and smaller) dry (and even the occasional wet) units being offered into the ship recycling markets, as evident from both Bangladeshi and Indian port reports over recent weeks,” says cash buyer GPS.For ship recycling…

Cash buyer GMS notes that despite incoming president Trump’s announcement of applying sweeping tariffs to the tune of 25% on China, Mexico and Canada, the U.S. economy continues to firm as U.S. inflation drops to (globally) fantastic levels and the US Dollar strengthens against nearly all ship recycling nation currencies this week.The news of the ceasefire between Israel and Hezbollah ceasefire eased tensions around trade routes, and a healthy number of already beach-worthy yet still employed ladies finally make their appearances at the various ship recycling waterfronts…

As global ship recycling markets head into the final month of the year on a comparatively firmer footing and a 2024 full of minimal sales and activity wraps up, cash buyer GMS says that noteworthy declines in prices have seen nearly USD 150/LDT wiped from sub-continent ship recycling levels.“Q1 2025 doesn’t seem as though it is ready to greet the ship recycling industry with its customary January / Q1 vigor,” says GMS. “In fact, if things continue the way they are with the Nuclear Clock ticking ever closer to midnight…

As the effects of Donald Trump’s victory continues to reverberate globally, the U.S. economy continues to strengthen on the news that the country is opening up offshore drilling in order to further reduce American dependence on foreign oil, reports cash buyer GMS.“As the U.S. economy continues to strengthen and the U.S. Dollar firms against nearly all recycling destination currencies (including China, where Chinese stocks recorded rallies this week), local steel plate falls from…