While the depreciation of the Turkish lira and fluctuations in India have negatively impacted the ship recycling sectors in those countries, Pakistan has benefited from the stability of its currency and increasing demand, enabling the sector to stay afloat.
Uncertainty in India's Alang region and the influx of cheap Chinese billets into the market pose challenges affecting the entire region.
As a result, the focus of the sector shifts to Pakistan and Bangladesh. Both markets have rebounded strongly and are generally following a positive trend. However, new peaks in dry bulk markets and the stagnation in container ships indicate that tonnage supply in the recycling sector may remain low for the rest of the year.
Overall, the ship recycling sector in Pakistan anticipates moderate growth in 2024. The upward trend in dry bulk markets and the lack of movement in container ships are among the key factors that will determine the sector's future direction.
As of the 11th week of 2024, the ship recycling prices in Pakistan are as follows:
- Dry Bulk: 500 USD/LDT
- Tankers: 520 USD/LDT
- Containers: 540 USD/LDT
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