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SAFETY4SEA

GMS: Optimism emerges for ship-recycling in 2024 amidst 2023’s challenges

by The Editorial Team
January 8, 2024
in Ship Recycling
ship recycling

Credit: Shutterstock

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On its latest weekly report, GMS highlights that after what has been an overall miserable 2023 in the ship-recycling industry and even worse 6- month tail end of, 2024 seems to be off with just a little more hope and a chance at recovery as positive signs seem to permeate through the markets.

Critical factors such as declining currency values (except in India), flatlining / declining local steel plate prices, and the dreadful (& ongoing) lack of funding on fresh acquisitions (in Bangladesh and Pakistan), all came together and festered into the inescapable quicksand that eventually bogged the markets down by over USD 100/LDT on vessel prices, over the course of the summer / monsoon months of 2023.

The ongoing dearth of tonnage seems to have played its part and kept vessel prices relatively buoyant in nearly all of the international ship recycling markets – around (and even well in excess of) USD 500/Ton in the Indian sub-continent & around USD 350/MT in Turkey – certainly some very strong numbers to contend with, given that lows in the USD 200s/Ton greeted the sub-continent ship recycling markets only as recently as 2015 / 2016.

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Additionally, the lack of financing available to Ship Recyclers in both Bangladesh and Pakistan through much of 2023 has only further ensured that a minimal number of deals would be concluded into these markets – so unsparingly & unforgiving have these recent restrictions on L/C approvals been.

As explained, while the rampant flatlining of local steel plate prices (in Bangladesh & Pakistan) was ensued by the ever-present volatility that devoured much of 2023, early 2024 (especially until May) will likely be a similarly quieter period as elections are expected across various sub-continent locations and even though Bangladesh & India are not expecting any change in their leadership or drastic changes to the ongoing status quo, this may / may not be the greatest of news needed to stimulate their respective economies & drive some much-needed growth for the rest of 2024.

Rank  Location  Sentiment 

Dry Bulk 

USD/LDT

Tankers 

USD/LDT 

Containers 

USD/LDT 

1 Pakistan  Weak 500 / LDT 520 / LDT 540 / LDT
2 India  Weak 490 / LDT 510 / LDT 530 / LDT
3 Bangladesh  Weak 480 / LDT 500 / LDT 520 / LDT
4 Turkey  Improving  340 / LDT 350 / LDT 360 / LDT

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GMS: Optimism emerges for ship-recycling in 2024 amidst 2023’s challengesGMS: Optimism emerges for ship-recycling in 2024 amidst 2023’s challenges
GMS: Optimism emerges for ship-recycling in 2024 amidst 2023’s challengesGMS: Optimism emerges for ship-recycling in 2024 amidst 2023’s challenges
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