Ship Recycling Demand Picking Up
Hellenic Shipping News
he ship recycling market has picked up pace over the past week. In its latest weekly report, Best Oasis (
), a leading cash buyer of ships, said that in India, “Indian recyclers remain keen to acquire fresh tonnage, with currency movements offering some support to buyers, while softer steel prices continue to weigh on sentiment. Breakers are still showing interest, though bidding levels are not strong enough to match those currently being offered by their counterparts in Bangladesh. The ceasefire has also slowed buying activity, with recyclers taking a more measured approach for the time being. The first few yards that had applied have now received DASR, with Priya Blue Industries being one of them”.
In Bangladesh, “the Chittagong market remains firm and is expected to stay so through the end of May. Buyers are actively securing tonnage in anticipation of potential unfavorable changes to duties in the upcoming June budget, which has supported current demand.
A few recent sales have been concluded at healthy levels, reflecting the strength in the market. At the same time, sentiment remains mixed, with some breakers bidding aggressively and pushing prices higher than the previous week, while the ceasefire has slightly softened the overall mood”, Best Oasis said.
Meanwhile, in Pakistan, “the market is becoming keener by the day for the purchase of fresh tonnage due to the ongoing conflict.
The stoppage of imported steel, including previously unofficial inflows, is supporting local market conditions for now. Following the ceasefire, it remains to be seen how long this situation will persist. For the time being, the market is expected to remain relatively buoyant. Foreign exchange issues continue to persist, while longer payment timelines remain a challenge for buyers. Finally, the Turkish market remained largely unchanged this week, with no notable movement in pricing or sentiment. While some increase in import activity and local movement had been observed in the previous week, no such momentum was seen this week. Overall, the market continues to hold at previous levels, with neither a clear rise nor fall evident for the time being”, Best Oasis concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
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