Bangladesh remained the world’s top shipbreaking destination in 2024, dismantling 130 ships, despite a 23.5% decline from the previous year due to dollar shortages and weak demand. Of the 409 ships dismantled globally, 255 ended up in South Asia, with 80% scrapped in Bangladesh, India, and Pakistan under substandard conditions. A 52% decline in the total weight of imported scrap vessels further impacted the industry. Bangladesh faced one of the worst accidents, where an oil tanker explosion killed six workers and critically injured six others in Chattogram. The shipbreaking sector is struggling as steel re-rolling mills, its primary buyers, suffer from reduced public construction projects. With 150 shipbreaking yards, only 30 remain active, while seven have achieved “green” status. Industry leaders predict continued challenges unless construction demand recovers, questioning the sector’s viability amid rising losses and high operational costs.
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