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The ship recycling market in the Indian subcontinent, that is to say primarily in India and Pakistan, has entered a rare period of inactivity, according to the latest market outlook published by Wirana Shipping, a bar purchaser of ships that is also active in green ship recycling. The report shows hardly any new recycling candidates circulated during the week, with no vessels waiting to be beached in India and just one ship waiting for Pakistan.
The report points out that recyclers remain ready to buy, but owners are still finding commercial reasons to keep older vessels going. The study also warns that there may be a break in LNG tonnage that was trickling in for recycling and may now take longer to reach the recycling market than expected, with steam turbine LNG carriers benefiting from current gas supply disruption, high charter rates and a shortage of available LNG vessels.
Wirana Shipping CEO Rakesh Khetan (pictured) pointed out that “freight earnings, second-hand values and geopolitical disruption are delaying end-of-life decisions. The market isn’t short of buyers, but short of vessels.” Wirana’s outlook links the shortage of candidates to resilient conditions in some segments. Steel weakness is also adding pressure to key recycling destinations.
