Bangladesh’s shipbreaking industry experienced a sharp decline in 2024, with only 144 ships—equivalent to 968,000 GT (gross tonnage)—sent for recycling. This marks the lowest level of scrap ship imports since 2005, a significant drop from the country’s peak in 2021, when 280 ships (2.73 million GT) were dismantled. Typically, Bangladesh processes at least two million GT annually, underscoring the magnitude of this downturn.
The downward trend began in 2022, when imports fell to 1.14 million GT, driven by disruptions such as the Russia-Ukraine war. The situation worsened in 2024 as global shipping challenges intensified, including the Red Sea crisis, which prompted higher demand for older vessels that would otherwise be scrapped.
Adding to the industry’s woes, demolition prices plunged from $600/LDT (Light Displacement Tonnage) in early 2024 to $450/LDT by December, according to ship cash buyer GMS. This decline forced many shipbreaking yards in South Asia, including Bangladesh, to scale back operations, with some temporarily shutting down.
Competition from India and Global Compliance Pressures
Bangladesh’s position as the global leader in ship recycling is now under threat from India, which has made significant strides in developing environmentally compliant facilities. With over $100 million in international funding, India has established 120 HKC-compliant (Hong Kong Convention) green yards in Alang, Gujarat. In comparison, Bangladesh has developed only five such yards over the past decade.
“The lack of sufficient green yards could see Bangladesh lose its top position in 2025,” warned Anam Chowdhury, President of the Bangladesh Marine Officers Association (BMOA). The Hong Kong Convention on safe ship recycling, set to take effect on June 26, 2025, will require yards to meet stringent environmental and safety standards.
Future Outlook
Despite holding a 46% share of the global gross tonnage dismantled in 2023—compared to India’s 33%—Bangladesh’s lead in the sector is precarious. Analysts predict that 2025 could bring an uptick in the ship recycling market, but long-term sustainability will hinge on Bangladesh’s ability to adapt to HKC standards and secure green certifications.
Failure to do so could not only erode its dominance but also impact the livelihoods of thousands who depend on the shipbreaking sector, a critical industry in the country’s economy.
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