Indian subcontinent ship recycling market hits rare May supply squeeze

The Indian subcontinent (especially India and Pakistan) ship recycling market has entered a rare period of inactivity, with Wirana Shipping’s latest market outlook report showing hardly any new recycling candidates circulated during the week and no vessels currently waiting to be beached in India and just one vessel waiting to be beached in Pakistan.

The report points to a market where recyclers remain ready to buy, but owners are still finding commercial reasons to keep older vessels trading. It also cautions that there may be a break in LNG tonnage that were trickling for recycling so far and it may take longer to reach the recycling market than previously expected, with steam turbine LNG carriers benefiting from current gas supply disruption, high charter rates and a shortage of available LNG vessels.

Mr Rakesh Khetan, CEO of Wirana Shipping, said: “For Indian ship recyclers, especially, it is a tough period, where recycler interest is still there, but freight earnings, second-hand values and geopolitical disruption are delaying end-of-life decisions. The market is not short of buyers but short of vessels. Steam turbine LNG vessels also remain longer-term recycling candidates, but some may find short-term employment while current disruption supports charter demand. That window could close once Middle East tensions ease.”

Wirana Shipping’s market outlook links the shortage of candidates to resilient conditions in several shipping segments. Dry bulk charter rates improved across all sizes during the week, while the container market saw firmer spot rates in some regions and continued demand for period charter and second-hand tonnage. Tanker rates softened across clean and dirty markets, but this is far from producing any meaningful flow of vessels into recycling.

At the same time, steel weakness is adding pressure in key recycling destinations. In India, local steel plate prices fell by a further USD 9 per metric tonne this week, taking the total decline to USD 23 per metric tonne over three weeks. Local scrap, imported scrap, semis and finished steel products also moved lower, while Bangladesh remains under pressure from slow finished steel demand. Pakistan remains firmer for now and Turkey has improved offers.

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LNG Bunker Snapshot: Singapore bunker premium surges as Europe’s narrows

Weekly changes in LNG bunker prices:

ARA down by $62/mt to $944/mt

Singapore up by $36/mt to $1,118/mt

Baltics down by $62/mt to $1,051/mt

Portugal down by $46/mt to $1,059/mt

Europe

European LNG bunker prices tracked lower with the front-month TTF contract, which fell $0.87/MMBtu ($45/mt). Peace talk optimism around US-Iran negotiations raised hopes of a reopening of the Strait of Hormuz, while cooler temperatures across Europe reduced gas-fired power demand.

LNG bunker prices in the ARA and the Baltics underperformed against TTF, each dropping $62/mt as bunker delivery premiums also narrowed on the week. Portugal fell $46/mt, though its pricing remains only loosely tied to TTF.

Downside was limited by renewed skirmishes near Hormuz over the weekend and persistently low EU gas storage – around 35% full versus a five-year average of 47%.

The IEA’sGreg Molnar said storage injections remain 20% below last year’s pace, reflecting tight supply conditions, and warned the injection campaign will be “more challenging and more expensive than expected.”

On the supply side, new LNG exports led by the US have offset around two-thirds of the Hormuz disruption, according to Molnar.

“However, the gains in LNG prices were offset by reports that Qatar is managing to get some LNG cargo through the Strait of Hormuz,” ANZ Bank commodity strategist Daniel Hynes said.

Unplanned maintenance at several Norwegian gas facilities added a further supply concern, though the impact on prices was muted, the Japan Organization for Metals and Energy Security (JOGMEC) noted.

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Two months in: What container data tells us about the Hormuz crisis

When the Strait of Hormuz effectively closed to commercial traffic, 53 container vessels belonging to the world’s top shipping lines found themselves trapped inside the Persian Gulf. Two months on, Kpler’s Container Intelligence data paints a stark picture: 79% are still waiting.

Current situation for container vessels

Of the 53 container vessels initially caught inside when transits became untenable, only nine have successfully exited the Strait. Two of those required a second attempt before making it through. Two MSC vessels were seized by Iranian authorities—the most severe outcome of the crisis. One additional vessel sustained damage after being struck by debris.

That leaves 42 vessels, crews, cargo, and capital in a state of indefinite commercial limbo.

Carrier performance analysis

We track every major carrier’s exposure to this crisis. The data reveals significant variation in outcomes across shipping lines.

CMA CGM: Heaviest absolute exposure

CMA CGM carries the heaviest exposure in absolute terms. With 15 vessels caught inside, the French carrier has managed to extract only two. This represents a 87% entrapment rate for the world’s third-largest container line.

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Pan Ocean lifts Q1 profit in South Korea on tanker, LNG, bulk gains

Pan Ocean said on May 4 in a regulatory filing that operating profit on a consolidation basis for the first quarter was 140.9 billion won, up 24.4% from a year earlier on a preliminary basis.

Revenue for the same period was a preliminary 1.5089 trillion won, up 8.3%, and net profit was a preliminary 94.5 billion won, up 31.2%.

By institutional sector, first-quarter operating profit in the tanker business was 28.1 billion won, up 41.5% from the same period a year earlier, driven by strong freight rates for MR (Medium Range) tankers of 55,000 DWT (deadweight tonnage) and below.

During the same period, operating profit in the liquefied natural gas (LNG) business institutional sector rose 49.7% to 47.2 billion won. Pan Ocean said the completion of all new ship deliveries had a major impact.

Operating profit in the bulk carrier institutional sector also rose 14.4% from a year earlier to 54.7 billion won. However, the container ship institutional sector recorded operating profit of 9.0 billion won for the same period, down 42.9% due to oversupply.

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Baltic Dry Index Snaps 2-Day Advance | Infinity Dynamics

The Baltic Exchange’s dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, snapped a two-day winning streak on Wednesday, falling 0.3% to 2,670 points.

The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, decreased 0.5% to 4,283 points; and the supramax went down 0.5% to 1,534 points.

On the other hand, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose 0.7% to 1,979 points.

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Regional Shipping Networks Gain as Global Trade Routes Realign

Global trade disruption and realignment are transforming the Red Sea Corridor into a pivotal hub for resilient supply chains, highlighting the importance of investment in infrastructure, technology and localisation to drive long-term value creation, reveals a new impact report by Oxford Business Group (OBG) in partnership with Folk Maritime.

Titled, “Trade Shifts, the Red Sea Corridor and Local Value Creation,” the impact report examines how evolving trade routes are redefining maritime competitiveness across the Red Sea, the Arabian Gulf, East Africa, India and South-east Asia. It highlights the growing importance of infrastructure development, technology adoption and low-carbon strategies in strengthening resilience and enabling sustainable growth.

The report finds that the reconfiguration of global supply chains is accelerating investment in maritime infrastructure and regional shipping networks, while increasing demand for operational efficiency and digital integration. Governments and private operators are modernising ports, expanding capacity and enhancing connectivity, with Saudi Arabia emerging as a key hub in efforts to strengthen regional and intercontinental trade links.

It also underscores the role of emerging markets in global trade, as shifting logistics patterns create opportunities for greater participation in value-added logistics activities. Rising investment in human capital and local capabilities is supporting service quality and operational efficiency, while contributing to broader economic diversification objectives.

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U.S. Navy intercepts Iran-linked vessel in Arabian Sea, orders return to Iran | Maritime Crew

U.S. naval forces intercepted a sanctioned vessel called ’Sevan’ in the Arabian Sea on Saturday, in a move tied to the Trump administration’s campaign to block Iranian energy exports, U.S. Central Command said. The vessel was halted by a helicopter deployed from the guided-missile destroyer USS Pinckney (DDG 91), and is now complying with orders to reverse course toward Iran under escort.

“M/V Sevan was among 19 “shadow fleet” vessels sanctioned by the U.S. Department of Treasury for activities related to transporting billions of dollars worth of Iranian energy, oil and gas products, including propane and butane, to foreign markets,” Central Command said in a statement.

Planned Negotiations in Pakistan Canceled

Earlier today, U.S. President Donald Trump said he canceled the planned visit of U.S. envoys to Islamabad on Saturday in a post on Truth Social, adding that the US has “all the cards” and all Iran has to do “is call.” Later, speaking to reporters of the decision to cancel the trip, Trump said of Iran, “They have no military left, they have no leaders left,” and that the envoys wouldn’t be traveling 16-17 hours to not meet “the leader of the country.”

He also said that they received “a paper that should have been better,” and within 10 minutes of it being “canceled,” they received a “new paper that was much better,” but the offer wasn’t good enough. “They will not have a nuclear weapon,” he added.

Jared Kushner and Steve Witkoff were scheduled to arrive this weekend in Pakistan for a fresh round of diplomacy aimed at ending the eight-week conflict with Iran, but their trip was canceled after Iran’s Foreign Minister Abbas Araqchi left Pakistan early, before the envoys arrived.

In a post on Truth Social, Trump stated: “Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their “leadership.” Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!”

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