The ship recycling market was further hampered by the developments of the past week and the escalation of warfare between Iran and Israel. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “the ship recycling market enters the week on a subdued note, with most regions seeing limited activity and cautious sentiment. India remains quiet as buyers hold off, waiting for prices to align with their expectations, while Bangladesh stays inactive due to the Eid holidays and growing focus on the upcoming enforcement of the Hong Kong Convention. Pakistan shows relatively more interest, but currency issues are dragging out deals and limiting the pace of deliveries. Turkiye stays stable but flat, with little movement as buyers remain hesitant amid broader economic concerns. The looming HKC is beginning to influence short-term decision-making across markets, prompting many to step back and reassess. While India stands to benefit longer-term thanks to its existing compliance and infrastructure, the overall market remains in wait-and-watch mode, with few signs of a near-term pickup unless pricing or regulatory clarity improves.
