Although on a weakening trend since July, demolition prices in the Indian sub-continent and in Turkey, the two principal scrapping poles, remained fairly strong throughout 2024.
In the former, prices hovered around $500 per LDT a good part of the time before softening in recent weeks. After peaking at $370-380 per LDT in May-June 2024, prices in Turkey have meanwhile been fading too but remain decent.
These prices were, however, not good enough to convince ship owners to sell older ships en masse, given the current highly profitable trading conditions in the freight and charter markets.
Whilst hoping for a greater number of boxships offered for demolition in 2025, recyclers will otherwise see in June the coming into force of the much talked about Hong Kong Convention adopted more than fifteen years ago in 2009.
In the Indian sub-continent, a number of yards have yet to comply with the new rules that will enhance human safety and the protection of the environment in the ship recycling process.
Source: Alphaliner
