As Russia’s war continues to rage in Ukraine and tensions hit a fever pitch in the Middle East, zooming out of the ship recycling markets, GMS sees geopolitical events taking centerstage across all shipping sectors (trading and recycling) for yet another week, with no end in sight, reports marine link.
Bombing assassination
The mysterious bombing assassination of one of the founding members of Hezbollah in the heart of the Iranian capital city of Tehran early in the week sent shockwaves across the Arab world, followed by Iranian leaders vowing to avenge his death with a purported “new phase of war” in an already TNT loaded situation. Thereafter, news of Hezbollah firing a bevy of rockets into Northern Israel surfaced late in the week, none of which have resulted in casualties so far.
On the other side, India’s ongoing fallout from its General Elections and its recent budget announcement has left Alang Recyclers increasingly on edge about the immediate economic future of their country, especially as Indian fundamentals continue to suffer for weeks on end.
Even Pakistani buyers, despite being atop the market rankings, seem to have nothing to show for it as for nearly four weeks there have been no fresh arrivals at Gadani’s waterfront, likely marking a first week in the series of many empty port reports. Finally, amidst an utter lack of recycling news emanating from the shores of Aliaga for well over a year now, Turkey remains dead silent and practically out.
Did you Subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source: Marine link
