Ship recycling markets remained broadly steady despite currency weakness and financing pressures, with a shortage of vessels restricting transactions across several major destinations. Hellenic Shipping News, citing reports from Best Oasis and shipbroker Intermodal, described resilient buying interest but limited availability. Intermodal said high earnings and second-hand ship values were encouraging owners to continue operating older vessels rather than send them for recycling.
In Pakistan, Best Oasis reported continuing buyer interest but said recyclers were struggling to match Bangladesh’s bids for the small pool of available ships. Intermodal described subdued conditions at Gadani, where occupied plots made buyers cautious about further purchases. Local steel prices edged lower while the currency was stable against the US dollar. Some dry cargo and tanker candidates were circulated, but no sales were reported.
Bangladesh’s Chattogram market was being shaped more by vessel scarcity than stronger underlying conditions, according to Intermodal’s assessment carried by Hellenic Shipping News. Domestic steel prices rose as the taka weakened slightly against the dollar. Waterfront activity centred on smaller bulk carriers and LNG tankers, with some purchases linked to breakers’ efforts to meet HKC requirements. Delays in obtaining letters of credit persisted, as central bank checks for over-invoicing on large transactions slowed the release of funds.
At India’s Alang, constrained supply and strong demand left the market little changed, although local steel plate prices softened. Intermodal said currency depreciation had reduced recyclers’ purchasing power, while the scarcity of suitable ships kept activity muted. The broker also reported that higher financing costs were adding to steel buyers’ concerns.
Turkey showed a similar combination of stable recycling prices and selective purchasing. Best Oasis said prices remained firm despite the lira’s continued depreciation, with yards prioritising good-quality vessels. Nearby ships and those requiring recycling under European Union rules remained the principal sources of supply. Intermodal likewise described Aliaga as close to recent market levels, although domestic steel prices were under pressure. High financing costs and the weaker lira weighed on sentiment, while limited availability kept recyclers focused on quality EU-flagged and geographically close vessels.