Global ship recycling tonnage dips 14% in Jan-Oct

Bangladesh rides IMF loan to procure tonnage. Indian demand drops as electric furnaces feel demand heat. Pakistan's economic crisis limits procurement. Short-term outlook on tonnage, prices mixed.

Morning Brief: The global ship-breaking market continued to swim in choppy waters for the better part of 2023 (CY'23). Tonnage dropped 14% to 2.09 million LDT against 2.43 million LDT seen in the same 10 months in 2022. Interestingly, India lost the top spot it enjoyed in this period in 2022.