- GMS’s weekly report underscores persistent tonnage scarcity in ship recycling markets, contributing to a week of market inactivity across all recycling destinations.
- Charter rates, especially in the dry bulk sector, remain high, limiting the availability of vessels for recycling.
The Bangladeshi and Pakistani markets experience firm demand and offers, while India exhibits reserved sentiments and pricing. In the container sector, older units find buyers willing to operate them above Opex/Capex rates. Ongoing geopolitical concerns and Houthi rebel attacks in the Red Sea contribute to elevated freight rates, defying expectations of quieter shipping lanes during the Chinese New Year. Political changes in South Asian ship recycling destinations and negative movements in import steel and the Turkish Lira impact the market negatively.
Ship Recycling Challenges and Market Dynamics
Despite the Chinese New Year holidays, the global ship recycling market faces persistent tonnage scarcity, resulting in market inactivity and elevated charter rates, especially in the dry bulk sector. The Bangladeshi and Pakistani markets witness firm demand, while India remains reserved. The container sector sees older units attracting buyers, defying expectations. Geopolitical concerns and Houthi rebel attacks maintain disruptions in the Red Sea, contributing to high freight rates. Political changes in South Asian ship recycling destinations and negative movements in import steel impact the market negatively.
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