The ship recycling market is ending 2025 in the same way it started, in a rather restrained fashion. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that in India, “the local market showed a marginal improvement compared to the previous week, with sentiment slightly firmer overall. However, due to adverse currency exchange movements, buyers who purchased over the last three to four months continue to face losses, keeping confidence restrained. Buying interest is present, but at a much lower level than previously seen, with buyers remaining cautious and selective. Dark fleet vessel arrivals continue to keep the market busy, consistent with the trend reported in recent weeks. Several yards that were previously empty are now being filled with these incoming vessels, supporting activity despite broader caution”.
Source: Best Oasis
Meanwhile, in Bangladesh, Best Oasis said that “the market remained largely unchanged during the week, with weak sentiment and subdued activity as buyers continue to find it difficult to operate under current conditions. Buyers remain reluctant to purchase newer assets, especially as prices continue to remain quite low compared to past levels. Ongoing severe civil unrest across Bangladesh continues to weigh on overall sentiment and confidence. In Pakistan, the market showed no meaningful change during the week, continuing to remain quiet and subdued. Recent activity was limited to one private deal involving a small bulker, offering little indication of broader momentum.
Expectations remain that Pakistan will focus on smaller tonnage until a larger unit becomes available at workable prices. In the absence of stronger drivers, the market may face downward pressure in the near term. Finally, in Turkiye, the market remained very slow during the week, with no notable change in sentiment or pricing direction. Similar to last week, overall conditions stayed flat, with participants holding existing positions. Import and local pricing showed no fresh movement, reflecting continued inactivity and limited interest”, Best Oasis concluded.
Source: Intermodal
In a separate note, shipbroker Intermodal said that “ship recycling activity in Subcontinent remained restrained last week, with cautious buying interest, limited candidate tonnage, and uneven steel and currency trends. The Indian ship-recycling market remained largely stagnant last week, leaving overall sentiment and the near-term outlook broadly unchanged. The sector concludes 2025 on a subdued note, marked by eroding competitiveness and limited scope to fully capitalize on its HKC compliance advantage.
The domestic steel sector demonstrated signs of recovery, with prices firming. On the currency front, the Indian Rupee staged a brief rebound against the U.S. dollar last week, interrupting several weeks of sustained depreciation. Bangladesh witnessed a sluggish week, as the weakening of the local currency and a sharp fall in steel plate prices weighed on sentiment. Combined with shrinking candidate tonnage, these factors tempered the outlook. Sentiment has been further pressured by ongoing political unrest, marked by violent incidents. As a result, market participants across all sectors, including Chattogram’s ship recycling hub, appear to be in a holding pattern, postponing purchasing and investment decisions until after the February elections. Pakistani market was flat, amid subdued purchasing interest and a limited availability of vessels. Despite ongoing progress on the compliance front, underscored by the recent HKC certification of the country’s first compliant yard and further certifications expected through 2026, practical constraints weigh on sentiment. DASR approval delays hindered timely vessel deliveries, keeping owners cautious. The local steel market improved, with steel plate and rebar prices firming Forward looking, recyclers remain optimistic, supported by Pakistan’s growing relevance in green recycling and its strengthening competitive position. Turkey experienced a quiet week, with activity unchanged and few candidates circulated. The steel market remained subdued, as local mills adopt a wait-and-see approach until price levels improve. Meanwhile, Lira extended its side”, the shipbroker concluded.
