Nearly all recycling nation currencies reported dips this week, reports cash buyer GMS, with the Bangladeshi Taka taking the largest slice of the week’s depreciation pie.Even the Baltic Shipping Index has been
Nearly all recycling nation currencies reported dips this week, reports cash buyer GMS, with the Bangladeshi Taka taking the largest slice of the week’s depreciation pie.
Even the Baltic Shipping Index has been reporting an overall downward trend in nearly all sectors, which has caused dry bulk markets to close another week with a near 6% decline.
“As forecasted in weeks prior and based on the trajectory of charter rates through the tail end of 2024 and even thus far in 2025, ship recycling markets should continue to enjoy a healthier Q1 of vessel introductions, as respective port positions enjoy fresh arrivals in both India and Bangladesh week after week, even highlighting the 48K LDT of recycling tonnage at both anchorages.
“Yet, along with the jilted state of global economies, ship recycling destinations suffered worrying reversals in vessel prices of late, primarily on the back of weaker currencies, depressed sentiments, and overall declining steel plate prices which, for the first time in a long time, firmed across the board except in Turkey and Bangladesh (who still remains atop the market rankings).”
2024 was the lowest year for recycling volumes in over a decade, as the exit of over-aged vessels from
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