Ship Recycling Market Weakening in Hellenic Shipping News 02/04/2026 A stronger dollar has curbed demand for older ships over the past week, but the overall market is showing mixed performance. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “the Indian ship recycling market witnessed reduced buying interest this week, primarily due to the significant strengthening of the USD, making imports more expensive for local buyers. Market participants remain cautious as the strong dollar continues to weigh on sentiment and purchasing appetite. The DASR (Document of Authorization for Ship Recycling) process remains ongoing, with completion expected within the next two to three months”. Meanwhile, “the Bangladesh ship recycling market remained firm this week, with healthy demand observed across available tonnage. Source: Best Oasis Sentiment has been supported by the evolving political landscape, which has brought a more positive outlook to the market. Overall conditions appear stable; however, there are no major new developments to report at this stage. The Pakistani ship recycling market remained largely unchanged, with no fresh developments compared to previous weeks. Market activity continues to be subdued, with no vessels reportedly offered to the destination. Additionally, the market is not yet fully operational, contributing to the lack of activity and momentum. Finally, the Turkish ship recycling market showed some improvement in underlying fundamentals this week. Import prices increased by approximately USD 8, while domestic steel prices improved by around USD 10. Despite these positive indicators, vessel prices have yet to reflect any upward movement. Market participants remain watchful, with expectations that the coming week may provide clearer direction”, Best Oasis concluded. In a separate report this week, shipbroker Intermodal said that the “ship recycling markets remained exposed to Middle East energy disruptions, with mixed regional performance. Middle East crisis is continuing to weigh on India’s steel and ship recycling markets. The impact is twofold: energy shortages are constraining the operations of steel mills and recycling yards, while the depreciation of the Indian rupee against the US dollar, amid the country’s dependence on imported oil and gas, is eroding purchasing power. As a result, market activity has slowed, with market participants on a holding pattern. At the same time, market estimates suggest that a growing number of sanctioned vessels may be redirected to India, given the absence of explicit governmental restrictions on their acceptance. In Bangladesh, the ship recycling market continues to maintain a strong footing. Buying interest remains active, while improved political stability under the new government has supported sentiment across industrial sectors. Source: Intermodal The Eid period briefly impacted steel market activity, with a short cessation of operations. Meanwhile, the country faces challenges in sustaining energy flows amid disruptions in the Middle East, although the local currency has remained relatively resilient against the US dollar. On the compliance front, progress toward HKC standards continues, with 28 facilities in Chattogram already certified and further approvals underway. Gadani posted a lacklustre week, with constrained vessel supply tempering steady recycler demand. This imbalance has supported firmer offers from recyclers. Loo