Market Recovery Indicated by India’s Ship Recycling Deals

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The ship recycling markets in the Indian sub-continent continue to face complications, with low market prices due to a lack of vessels and financing approvals in Bangladesh and Pakistan. However, India remains a beacon of hope in the industry, as impressive deals were concluded there this week, suggesting better days may lie ahead. Some owners and cash buyers are holding onto their unsold tonnage due to the low prices, but once the constant rains pass, production may restart and the backlog of material at the yards will shift again. Turkey remains quiet, with no movement reported recently. Container ships have started to enter the market, following a glut of dry bulk sales over the summer. If prices pick up and financing issues ease in Pakistan and Bangladesh, the industry may expect a busier fourth quarter.

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