As 2023 approaches its end, the subcontinent ship recycling markets are experiencing a subdued conclusion, contrary to earlier expectations of a robust finish. Limited deals are being closed in both container and dry bulk sectors, with owners seemingly holding back to assess potential improvements in recycling prices and charter rates in the coming year. Regulatory developments, including Pakistan's adherence to the Hong Kong Convention and the UAE's unexpected ruling on vessels bound for demolition, add complexity to the landscape. The UAE's directive, effective from March 2024, stipulates that vessels calling its ports or flying its flag must undergo Hong Kong Convention recycling only, potentially excluding subcontinent and Turkish ship recycling options. Clarity on the implications of these regulations will be crucial as the industry prepares for what is anticipated to be a busy period for ship recycling in the upcoming years.

SOURCE:GOOGLE