The global ship recycling market is experiencing a dynamic phase, contrary to expectations of a slowdown in the dry bulk and container sectors. GMS, the world’s largest buyer of end-of-life ships, notes significant developments in the industry, particularly in Bangladesh and Pakistan, both of which became signatories to the Hong Kong Convention in 2023.
Subcontinent Markets and Upgrades
Despite expectations of a pre-Chinese New Year uplift, the subcontinent markets, including Bangladesh and Pakistan, remain relatively quiet. However, there are positive signs as both countries gear up for facility upgrades, with financial support from entities like Norway, the Japanese Government, and the Japan Shipowners’ Association, signalling a commitment to sustainable ship recycling.
MSC’s Container Ship Disposal Program
Major players like MSC are actively participating in ship disposal programs, with more than 15 vessels sold since January 2023. Recent arrivals of MSC container ships in Alang mark a continuation of this initiative, reflecting the ongoing trend in the industry.
Market Dynamics and Pricing Trends
The current week’s market dynamics reveal Bangladesh leading with prices of $550 per lot for containers, $530 for tankers, and $510 for bulk carriers. Pakistan follows closely, with a slight dip in prevailing price levels. Meanwhile, India and Turkey experience weaker sentiment with relatively lower typical prices, indicating a varied landscape in the ship recycling sector.
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Source: Seatrade Maritime News
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