As the year approaches its end, ship recycling markets face challenges with limited activity and new sales. Despite expectations, steel prices in India have decreased by around 3,000 rupees (USD 35/LDT), and caution prevails among buyers. In Pakistan, positive news of adherence to the Hong Kong Convention has provided a boost, allowing yards time to upgrade facilities. The EU plans to revisit the approval of select Indian yards for inclusion in the list of approved ship recycling facilities. While progress is anticipated in 2024, concerns over available financing and LCs persist in Pakistan and Bangladesh, with expectations of limited deals until after the elections in Bangladesh in mid-January.

SOURCE:GOOGLE