Shipbreaking News

Losses in various individual sectors along the entire dry bulk range across the recent past saw the overall benchmark index lose about 5% of its overall value, which would explain the recent (and ongoing) influx of tonnage into the West Coast Indian and even Pakistani waterfronts spanning several weeks now, reports cash buyer GMS.“And despite recent deliveries of a wide collection of sizes and types of vessels (especially in Alang), the overall sentiment in the Indian sub-continent remains on watchful footing while trying to surf the wakes of Trump’s ongoing tariff conundrums…

As top EU leaders also plan to meet with US president Trump on Monday and seek a path to end the Ukraine war, oil fell nearly 2% last week, reports cash buyer GMS.It closing it out at $62.80/barrel even though the easing of sanctions could see oil trade ease in the coming weeks and traders remained bearish about the future.As oil becomes cheaper and tariffs / sanctions start to hit globally, the Baltic Exchange’s Dry Index saw another week of growth as it rose 0.25%, marking a…

A week of confusing fundamentals saw nearly all markets reacting as bizarrely as on “Liberation Day” tariffs from back in April, says cash buyer GMS.The tariffs, finally being levied on key destinations (including India) this week, saw turmoil across the board as the week ended. At the onset, oil futures declined 5% and closed the week out at $63.90/barrel. The tariffs announced on Friday included Russia (rather surprisingly) and China, says GMS.“While the oil futures drop to the tune of 5% was certainly noteworthy…

After decades of ongoing efforts, the Hong Kong Convention (HKC) has entered into force with big changes underway for the industry, reports cash buyer GMS. Bangladeshi and Pakistani markets still have a lot of work to do and catch up to the strides India has already made in upgrading their facilities over the last decade.“This is certainly great news for stakeholders, ship owners, cash buyers, recyclers, and the environment at large, as positive strides at improving industry standards will further serve as a catalyst in the crucial circular world of shipping…

“As the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (Hong Kong Convention) enters into force we have updated our estimate for the ship recycling potential over the next 10 years. We now estimate the potential to be 16,000 ships, or 700m deadweight tonnes (DWT), from previously 15,000. The new estimate equals twice the number of ships, and nearly triple the DWT, recycled over the last 10 years and highlights the need for investments in compliant recycling facilities…

The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships enters into force on 26 June 2025, establishing mandatory regulations to govern the way ships are recycled. Most ships are recycled when they are taken out of operation, with almost all materials and equipment from the ship being re-used or recycled. The Hong Kong Convention addresses key environmental, occupational health, and safety risks involved in the recycling of ships, while distributing responsibilities and obligations across relevant stakeholders - shipowners…

The tension surrounding the US attack on Iran saw the Baltic Exchange Dry Index (BDI) fall a massive 3.5% down to its lowest level seen over the last two weeks, erasing most recent gains as Friday closed, reports cash buyer GMS. Leading the race was the Capesize index that fell nearly 6.5% across the week while the Panamax index fell 0.2% during the same time.“The price of oil, which will also be a key item to keep an eye out for next week especially as the Iranian government votes to shut down the Gulf of Hormuz effectively terminating Iranian oil exports…

The Hong Kong Convention enters into force on June 26, 2025, and DNV reminds shipowners that all internationally trading vessels of 500 GT and above will need to have on board an International Certificate on Inventory of Hazardous Materials (ICIHM) at the latest by June 26, 2030.The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) requires the ICIHM earlier if the vessel is going to recycling.Not only vessels flying the flag of a state that has ratified the HKC…

The Indian sub-continent recycling markets have been on a downward spiral for most of this year and this week was no different, reports cash buyer GMS.Offers are retreating across the market rankings and owners are chasing market levels amidst an economic and global uncertainty that was expected to deliver an influx of recycling tonnage and is yet to be fully seen.“Indeed, constant geopolitical drama seems to be depriving recycling markets of all types of tonnage amidst rising freight rates as dry bulk…

While the lingering tariffs on steel imports into the U.S. hang in the balance, steel plate prices across the Indian sub-continent continued to display volatility, reports cash buyer GMS.“While charter rates in the dry segments certainly impressed, a recent influx of large(r) LDT wet tonnage (four LNGs) and even a VLOC that was recently sold for recycling certainly captured the attention of the ship recycling fraternity, despite the deteriorating levels due to the ongoing global economic turmoil and ensuing market volatility that has culminated on the back of inconsistent U.S.

The Trump announcement of tariffs on nations currently exporting various grades of the metal to the US is unquestionably set to dampen global steel prices and ship recycling sentiment across the Indian sub-continent, reports cash buyer GMS.“Every week is now intent on bringing with it, an entirely new economic reality for the world to re-adjust to, turning everyday business practices into an extremely erratic and volatile way of conducting any type of practical international trade…

Ship recycling markets saw the U.S. dollar surge against nearly all ship recycling nation currencies (except China) last week, reports cash buyer GMS.Steel plate prices firmed / declined / flatlined in a series of confusing signals to ship recyclers and the industry at large. “The recent trimming of tonnage at the bidding tables also seems to be easing as local port positions in both India and Bangladesh reported a healthy collection of arrivals and deliveries this week.”In Bangladesh…

Sub-continent recycling markets have been on a negative spiral of late, especially ahead of the quieter monsoon season, reports cash buyer GMS.“Pakistani and Bangladeshi recyclers need to speed up their readiness and ensure yard compliance with the Hong Kong Convention by June 26th. While nearly all Indian yards are certified, the focus shifts to neighboring Pakistan and Bangladesh to get their facilities up to speed - and do it soon.”No Objection Certificates on ships have meanwhile been granted as an exemption just this time…

As inflation starts to slowly ramp up across the world, the US is gradually heading for a recession as the American economy shrank through Q1, reports cash buyer GMS, and the U.S. Dollar has weakened against some recycling nation currencies.The Baltic Exchange Dry Index reported increases this week as trade starts to shift around the world and global economies hash out fresh trade agreements without the United States, causing freight rates to report minor improvements this week even though overall trading activity seems to be far lower.“Notwithstanding…

Although some momentum was generated in sub-continent markets over the preceding weeks as the 90-day pause on tariffs was announced, ship recycling markets have remained cautiously stalled, reports cash buyer GMS.“This comes as the ambiguity around U.S.

Even though dry markets were up for the week by 1.6%, overall, they have declined a massive 24% this month (according to Baltic Exchange Dry Index), reports cash buyer GMS.This comes as oil climbed over 3% to end the week at nearly USD 64.50/barrel, in the face of OPEC+ countries now reversing course on increasing output amidst a rampant decline in global energy demands.Sub-continent markets have also had to endure knock on effects of the tariffs as the standoff between China and the U.S.

“An extremely volatile week of tariff announcements, suspensions, mishandling of economic affairs and fluctuating markets has left Indian sub-continent ship recycling destinations on edge, fearful of the next moves by a seemingly irrational and aggressive Trump regime,” reports cash buyer GMS.“Reportedly, Trump’s tariff backtracks erupted on the back of a massive sell-off of U.S. Treasury Bonds (the Gold standard of currency for the U.S. Federal Government) from the Japanese market that caused the Team Trump to panic, resulting in his administrations erratic actions through this week.

The global ship recycling sector witnessed some interesting activity last week as local steel plate prices continued to climb in India, fall in China and flatline in Bangladesh and Pakistan, reports cash buyer GMS.Recycling activity has been picking up in sub-continent markets over the last few weeks as the number of deliveries greatly improved of late, but this week has seen the various waterfronts take a beating with no fresh arrivals in Bangladesh, while India and Pakistan snared just one each.“Even Bangladeshi prices that climbed briefly following on a dearth of tonnage…

Cash buyer GMS has reached a milestone in its drive to transform safety in the ship recycling industry with over 10,000 yard workers across India, Bangladesh and Pakistan having now received free, high-impact safety awareness training.The achievement marks a first for the industry and signals growing momentum ahead of the IMO’s Hong Kong Convention (HKC), which enters into force in June 2025 and sets international standards for safe and environmentally sound ship recycling.What…

Two OFAC-sanctioned VLCCs remain stranded outside Bangladeshi waters with no prospects of a final resting place, reports cash buyer GMS, and this is now seeing cash buyers and ship recyclers being vigilant in their due diligence prior to negotiating on units.There are reportedly still a few more units in cash buyer hands that are waiting to be introduced for a recycling resale. However, given the fate that the behemoth duo has run into outside Bangladesh, it remains to be seen how these pending and even future dealings with candidates from sanctioned source(s) will eventually transpire…

This week’s news was abuzz surrounding the two OFAC sanctioned VLCCs that recently arrived OPL Chattogram and are now stuck after undoubtedly risky transactions that have resulted in several failed onward resales, reports cash buyer GMS.Both vessels have yet to receive their respective No Objection Certificates (NOCs) to permit their entry into port limits for recycling. As the Artemis III and Itagua remain stranded, as the Bangladesh Ship Breakers and Recyclers Association (BSBRA)…

After what has certainly been a hectic January of negotiations and a late February / early March of unending deliveries with nearly 200K of LDT delivered in recent weeks, a period of calm reflection descended across Indian sub-continent ship recycling markets, reports cash buyer GMS, with an alarmingly minimal number of deals being fixed over recent weeks including this one.“And ever since prices have been at and even well under the now chased after USD 450s/LDT across the board (as confirmed via last week’s logger sale into Bangladesh)…

Charter rates continue to climb as dry bulk carriers, Capes and even Panamax sectors reported rising rates this week, reports cash buyer GMS.