2025 seems to have started on an optimistic note in the ship recycling markets, with a noticeable willingness to buy from various buyers across the Indian sub-continent, reports cash buyer GMS.However, although
2025 seems to have started on an optimistic note in the ship recycling markets, with a noticeable willingness to buy from various buyers across the Indian sub-continent, reports cash buyer GMS.
However, although the turn of the year seems to be bringing in a sprinkle of optimism, there remains little to be cheery about as key economic factors affecting the various ship recycling locations continue to wobble as a result of geopolitical turmoil and China’s economic fragility.
“News of several large LDT wet units (including those with questionable / sanctioned backgrounds) were seen making the rounds on the back of which, several VLCCs are reported to have been concluded over preceding week, to the few financially capable recyclers in both India and Bangladesh,” reports GMS.
Progress has been made in Bangladesh over the last year in upgrading facilities ahead of the Hong Kong Convention’s entry into force by the middle of this year. Four yards managed to obtain their HKC approvals with several more reportedly set to follow in the months ahead.
Prices have cooled off towards the end of 2024, and hope for an increased bullishness in recycling markets once the pro-business President Trump resumes office in January, remains
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