Ship Recycling Market Looking Primed for a Recovery in Hellenic Shipping News 22/01/2026 The ship recycling markets showed signs of recovery as buyer demand is present. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “the Indian market trended softer through most of the week, and despite the introduction of new import duties the overall tone remained weak; however, towards the very end of the week we began to see early signs of stability and a slight improvement in sentiment. Recyclers remain bullish on the medium-term outlook, despite the current softness. While buyer demand is present, there has been a clear dearth of tonnage coming into the market, which has been a key feature of the week. The Recycling Code 2026 has been received and is currently being worked on for implementation, and we will provide an overview on the Recycling Code and related domestic developments. Bangladesh remained subdued this week, with demand mainly focused on smaller units and limited appetite for larger tonnage. Local price levels softened further, while melting scrap values stayed broadly stable. Buyer participation remained thin and less aggressive than in recent weeks, keeping overall activity muted. February elections and Ramadan-linked seasonality are expected to keep March soft, with improvement more likely post-Ramadan. 2–3 yards are expected to become operational, which could support engagement thereafter”, Best Oasis said. Source: Intermodal The company’s report added that “Pakistan’s market sentiment is positive this week, supported by reduced availability of competitively priced imported material as unofficial imports have eased and official import flows have paused for the time being. This shift has improved recyclers’ confidence, and buyers appear more comfortable engaging compared to recent weeks. Finally, Türkiye saw a modest improvement of around USD 3 on the import side this week. Local market pricing, however, remained unchanged, and the domestic tone stayed steady. Activity continues to be intermittent in this region, so the market remains watchful on whether the import improvement translates into any local movement in the week ahead”, Best Oasis concluded. Source: Intermodal Meanwhile, in a separate note, shipbroker Intermodal said that “the ship recycling markets showed signs of recovery last week, with selective buying activity, firmer regional steel fundamentals and cautious optimism emerging. Sentiment in the Indian market showed modest improvement, supported by a pickup in activity amid renewed buying interest and the circulation of a few candidates. The outlook was further supported by a recovery in the local steel market, with steel plate prices edging modestly higher. However, end-consumer demand remains subdued, tempering confidence. Meanwhile, the Indian Rupee continued to depreciate against the U.S. dollar. On the policy front, the Indian government is considering withdrawing from the port development project in Chabahar, Iran, in response to U.S. warnings of potential tariffs on countries engaging in commercial activity with Iran. The Chattogram recycling segment remains largely in a holding pattern. While there is some interest in smaller units, buyers are generally adopting a wait-and-see approach ahead of the February elections. Local steel market conditions have weakened, adding further pressure. At the same time, the broader economy continues to face challenges, in