Cash buyer GMS reports an eerie calm has descended across tense global economies, including the destitute ship recycling sector.
It’s been some time since a regular supply of a decent variety of vessels has been regularly available (likely the worst in a decade), says GMS.
Levels have declined by over USD 100/LDT since the peaks of early 2024 and offerings continually retreat, firmly relegating all vessels below the commensurate USD 500/LDT mark.
Geopolitical events have been to blame for much of the trauma across the ship recycling markets this year. “Such has been the unpredictable nature of global instability at present that sentiments are yoyoing wildly from one week to the next.”
Bangladesh has remained virtually out of the picture for over a couple of weeks, given that most infrastructure projects remain on hold under the current interim government.
India has managed to haul in a massive tranche of tonnage, but ship recycling yards across Bangladesh and (especially) Pakistan lie empty due to comparatively weak sentiments that have left demand stifled.
As cheaper Chinese steel continues to flood the markets and has been a key source of frustration for Indian and Pakistani recyclers in recent times, meaningful tariffs have done little to…