Demolition report dated 24 May 2024

As the summer / monsoon months creep closer, ship recycling markets in Türkiye and the Indian sub-continent have been firming over recent weeks, as Pakistan, though still relatively firm, feels sluggishly satiated of late having taken in a healthy collection of vessels / LDT (for this market’s size) and despite having bested last year’s recycling volumes with another 3 fresh arrivals this week, continues to endure a rather glum outlook as Pakistani demand & pricing face hurdles that have resulted in this market being the weakest / lowest placed of all sub-continent destinations due to (a) the ever-present lack of workable tonnage, (b) firmer demand from neighbours resulting in increased competition on workable units, and (c) the ugly problems associated with a growing lack of US Dollar reserves that seems to be rearing its hungry head in the country once again.


The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.


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