Source: Best Oasis “Meanwhile, Pakistan’s sector did not see significant shifts in demand or pricing, but the recent approval of a substantial IMF aid package might set the stage for more positive changes in the near future. Turkey’s market mirrored last week’s stagnation, with little to no change in imports or local activity. Overall, while there are pockets of optimism, such as in India, the global ship recycling market generally continues to navigate through a phase of cautious optimism and relative inactivity, requiring careful monitoring and strategic adjustments moving forward.
The outlook for the global economy, as highlighted in the World Economic Forum’s September 2024 Chief Economists Outlook, suggests limited improvement ahead. A majority of economists (54%) anticipate the economic landscape to remain stable over the coming year, while 37% predict further deterioration. Despite some encouraging signs, including reduced inflation and resilient global trade, the report warns that any stabilization is occurring at one of the weakest levels seen in decades”, Best Oasis concluded.
In a similar weekly report, shipbroker Intermodal also noted that “the ship recycling market showed mixed dynamics last week, with India leading the way in terms of activity, while other regions continued to face challenges. Global economic conditions and geopolitical tensions have kept the market on edge, contributing to mixed trends in key recycling destinations. In India, loca.
