During the quarter, only 69 ships were sold to Indian shipbreaking yards, compared to 105 sold in the same period last year, NGO Shipbreaking Platform, MANA correspondent reported.
The main reason for the decrease is that Bangladesh and Pakistan are paying more for vessels due to their dependence on recycled steel, Indian news site Business Standard reported.
Another reason is a higher Baltic Dry Index (BDI). When the index is high, fewer ships are sold for demolition.
In addition, hefty declines in local steel plate prices were seen at all locations in the Indian subcontinent last week, according to GMS weekly report.
However, India is still the most bullish and the highest placed sub-continent market.
The latest available report on shipbreaking activity issued by NGO Shipbreaking Platform shows that 122 end-of-life ships were sold for breaking in India, Pakistan and Bangladesh in the third quarter of 2016. India was the preferred final destination, with a total of 61 vessels sent to the country’s yards during the observed period.