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Subcontinent Ship Recycling Market Remarkably Quiet

Maritime Activity Reports, Inc.

February 11, 2024

Source: GMS

Source: GMS

Despite the Pakistani & Bangladeshi markets stabilizing and displaying a far greater aggression at the bidding tables over the last five weeks, it has been a remarkably quieter start to 2024 for ship recycling than many had anticipated, says cash buyer GMS.

With Houthi attacks, trading markets have remained unseasonably firmer, thereby delaying the historical ‘post-New Year aggression’ from the sub-continent ship recycling markets that the industry has become accustomed to over the years.

Even though Bangladeshi and Pakistani markets have managed to keep sub-continent recycling prices propped up whilst levels and demand from these nations continues to gradually firm, very few workable candidates remain on offer. The highly anticipated first quarter ‘spring’ in recycling seems delayed until Spring (and likely beyond).

“Moreover, even though India has been the busiest through 2024 thus far (thanks to the slew of MSC containers that were concluded to a select number of HKC yards), volatile local steel plate prices and the Indian Rupee have left Alang Buyers with tentative sentiments and the lowest sub-continent levels on offer.”

For week 6 of 2024, GMS demo rankings / pricing for the week are:

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