The ship recycling market remains trapped in an adverse environment. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships, said that “the Indian ship recycling market remained at a standstill this week, with sentiment coming under pressure from the extraordinary increase in the USD/INR index and the lack of corresponding improvement in local steel prices. Market participants are also closely watching developments surrounding the government’s ship recycling scheme, where active work on the broader structure remains ongoing and a standardized process is expected to be introduced in due course. Overall sentiment remains negative; however, the scarcity of available tonnage has continued to attract some keen buyers who may still be willing to pay reasonable levels, even as profitability remains under question”.

Source: Best Oasis

Best Oasis added that “activity in the Bangladesh ship recycling market improved this week, with buyers showing increased urgency to secure vessels ahead of the upcoming budget and particularly targeting units that can be delivered before the new measures take effect. Prices have remained firm, although the local market has not fully moved in line with the stronger levels being offered by buyers, reflecting expectations that market conditions may turn more favorable in the near term. Sentiment in the region has also been…