The Baltic Dry Index climbed to 2,991, up 12% from the previous week, with Capesize earnings surging and daily returns moving above USD 42,000. Strong freight earnings continue to encourage owners to keep older vessels trading rather than sending them for recycling, keeping supply tight across the Indian sub-continent.

Bangladesh remains the leading recycling destination, supported by firm demand, a stable Taka, sustained Letter of Credit flow, and competitive steel plate pricing. However, Chattogram continues to face the same core issue: buyers are ready, but vessels are not arriving.

India saw sharp currency volatility, with the Rupee touching a fresh low around 95.27 before recovering near 94.18 on diplomatic headlines. Alang remains the lowest-priced sub-continent destination, but its HKC-compliant yard base continues to support regulated tonnage demand.

Pakistan’s position has become more complicated. Gadani pricing remains firm, with steel plate levels around USD 679 per ton, but April inflation surged to 10.9%, prompting a 100-basis-point rate hike to 11.5%. Pakistan’s Gulf proximity premium still holds, but its earlier stability advantage has narrowed.

Turkey remains structurally uncompetitive for mainstream tonnage, with the Lira weakening to a fresh record low and April inflation rising to 32.37%. Aliaga continues to rely mainly on EU-regulated tonnage, where compliance can outweigh the price gap.

With only around 3 weeks left before the monsoon window closes, the central question is no longer whether demand exists. It does. The question is whether diplomacy can release vessel supply in time. For now, strong freight, unresolved Hormuz risks, inflation pressure, and limited candidate flow mean the backlog holds.

This episode covers ship recycling prices, vessel supply, freight markets, oil prices, currencies, inflation, HKC compliance, and the latest developments across Bangladesh, India, Pakistan, and Turkey.

• Brent crude falls from USD 126.41 to near USD 100 • Diplomacy re-enters the Hormuz discussion, but safe passage remains unresolved • Baltic Dry Index rises to 2,991, up 12% week-on-week • Capesize earnings strengthen, with daily returns above USD 42,000 • Strong freight continues to delay ship recycling decisions • Bangladesh remains the leading destination on demand and pricing • Chattogram LC pipeline remains stable and functional • India’s Rupee touches 95.27 before recovering near 94.18 • Alang remains lowest-priced but retains strong HKC compliance advantage • Pakistan CPI jumps to 10.9%, triggering a 100-basis-point rate hike • Gadani pricing remains firm, but Pakistan’s advantage narrows • Turkish Lira weakens to a fresh record low near 45.24 • Turkey inflation rises to 32.37%, keeping Aliaga niche and outpriced • No meaningful supply release despite Brent correction • Monsoon window narrows to approximately 3 weeks • Q1 overhang remains locked into a Q2 backlog

The discussion looks at ship recycling from the worker’s perspective. Alang has been part of the global ship recycling industry for decades, and the sector has changed significantly through investment, training, infrastructure upgrades, compliance systems, and stronger safety practices.

With more than 110 HKC-compliant yards in Alang, the episode explains how the Hong Kong Convention has helped bring greater structure to worker safety, training, PPE use, emergency preparedness, hazardous material handling, and environmental controls.

The conversation also highlights that Alang’s progress did not begin only with HKC. Yard owners have invested heavily over the years in infrastructure, impermeable flooring, drainage systems, safety equipment, training areas, documentation, and emergency response systems.

A key focus of the episode is the role of workers themselves. Ship recycling is skilled work, and workers play an essential role in steel recovery, dismantling, recycling, and the wider circular economy. HKC has helped make worker training and safety more formal, more visible, and more consistent.

The episode also explores the importance of training in local languages for Alang’s migrant workforce. Since workers come from different Indian states and speak different languages, practical communication, demonstrations, pictures, and clear instructions are essential for real safety outcomes on the ground.

Looking ahead, the conversation emphasizes that HKC works best when yard owners invest, supervisors guide, unions engage, and workers actively participate in safe working practices.

This episode is useful for shipowners, recyclers, cash buyers, regulators, sustainability professionals, ESG teams, maritime lawyers, compliance officers, circular economy stakeholders, and anyone following responsible ship recycling in India.

Topics discussed in this episode

• What the Hong Kong Convention means for workers in Alang
• How HKC has helped structure worker safety and training
• Why more than 110 HKC-compliant yards matter for India’s ship recycling industry
• Yard-level investment in infrastructure, safety systems, and compliance
• The role of migrant workers in Alang’s ship recycling sector
• Why training in local languages improves safety outcomes
• PPE, hot work safety, emergency preparedness, and hazardous material awareness
• Worker confidence, dignity, and recognition in ship recycling
• The role of Alang in steel recovery and the circular economy
• Why current conditions in Alang should be judged by present-day progress, not old perceptions

Brent crude surged to multi year highs, briefly reaching USD 126 per barrel before stabilizing above the USD 110 range. This sharp increase reflects a significant tightening in global energy supply, with Hormuz transit flows dropping to nearly four percent of normal levels. The scale of disruption is now being described as one of the largest in history, with no immediate resolution in sight.

Despite this volatility in energy markets, freight rates remain firm. The Baltic Dry Index continues to hold near recent highs, supported by strong Capesize and Supramax earnings. Elevated freight returns are reinforcing vessel trading economics, keeping older tonnage active in the market and delaying recycling decisions.

Currency movements across the sub continent reflect varying exposure to the energy shock. The Indian Rupee has weakened to record lows due to heavy reliance on Hormuz linked imports, while Pakistan’s Rupee has remained stable, providing a relative advantage. Bangladesh continues to operate within a stable range, and the Turkish Lira has shown modest recovery.

Bangladesh remains the leading destination with strong pricing, improved financing conditions, and a cleared Letter of Credit pipeline. However, the market continues to face a lack of available vessels. India maintains its structural advantage through a large base of compliant yards, though currency pressure and energy exposure continue to weigh on competitiveness. Pakistan is emerging as the strongest structural player this quarter, supported by stable currency, firm steel pricing, and proximity to Gulf trade routes. Turkey remains limited to niche activity due to its pricing gap with the sub continent.

No recycling transactions were reported this week, reinforcing the ongoing supply shortage. As the monsoon window narrows to approximately four weeks, the expected release of vessels is increasingly being deferred. The Q1 overhang is now transitioning into a confirmed Q2 backlog.

This episode provides a detailed analysis of ship recycling trends, recycling pricing, freight dynamics, and the broader geopolitical factors shaping supply across global markets.

Key Market Developments this Week

• Hormuz disruption shifts into a structural blockade • Brent crude spikes to USD 126 before stabilizing above USD 110 • Global oil supply shock intensifies with flows near four percent of normal • Baltic Dry Index holds steady with firm vessel earnings • Strong freight rates continue to discourage recycling activity • Indian Rupee weakens to record lows on energy exposure • Pakistan Rupee stabilizes, strengthening relative positioning • Bangladesh maintains top pricing with improved LC processing • India retains compliance strength despite currency pressure • Pakistan benefits from Gulf proximity and structural alignment • Turkey remains limited to EU regulated recycling segment • No recycling transactions reported across all destinations • Q1 tonnage overhang transitions into a growing Q2 backlog

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With disruption around the Strait of Hormuz, the expectation across the industry was that recycling supply would increase. Historically, geopolitical shocks tend to push older or less efficient vessels toward demolition. That pattern is not playing out this time.

Instead, freight markets have remained firm. Routes have lengthened, risk premiums have increased, and older vessels continue to find employment. Even with higher operational and geopolitical risk, many ships are still commercially viable, which is delaying recycling decisions.

The discussion focuses on this shift in market behaviour. Rather than exiting the market, owners are continuing to trade as long as earnings justify it. As a result, recycling yards are not seeing the expected flow of tonnage.

The episode also looks at the current position across major recycling destinations. India offers compliance strength through Alang, Bangladesh has demand but remains short of supply, Pakistan has regional advantages but faces execution challenges, and Turkey continues to operate in a more limited, specialised segment.

A key takeaway is that supply has not disappeared. It has been deferred. The ships are still in the system, but they are not being released for recycling.

Looking ahead, the conversation considers what could change this dynamic. If freight softens or costs rise, recycling supply could return quickly. At the same time, damaged or disrupted vessels linked to the Iran conflict may eventually enter the recycling stream, bringing a different set of operational and compliance considerations.

This episode will be useful for shipowners, recyclers, cash buyers and industry participants following freight markets and the impact of the Iran war on global shipping.

• How the Iran war is affecting global shipping patterns
• Why disruption is not translating into recycling supply
• The role of freight markets in extending vessel life
• Owner decision making during periods of uncertainty
• The concept of delayed supply in ship recycling
• Regional dynamics across India, Bangladesh, Pakistan and Turkey
• Pricing challenges and hesitation in the recycling market
• Handling considerations for damaged or disrupted vessels
• What could trigger the return of recycling supply

In this episode, Grace and Ryan break down the latest developments shaping the industry, including the indefinite extension of the US-Iran ceasefire, renewed escalation in the Strait of Hormuz, and its direct impact on oil, freight, and recycling dynamics.

Brent crude has rebounded toward the mid-90 dollar range as geopolitical risk reasserts itself, reversing last week’s demand-driven softness. At the same time, freight markets continue to strengthen, with the Baltic Dry Index reaching multi-month highs and Capesize earnings climbing on sustained Brazil to China iron ore flows. Strong vessel earnings remain the key factor discouraging recycling activity.

Currency movements across the sub-continent are reinforcing existing pricing dynamics rather than driving change. The Indian Rupee has weakened, the Pakistani Rupee remains stable, Bangladesh holds within range, and the Turkish Lira has reached fresh lows. Despite these shifts, the core issue remains unchanged: a lack of available tonnage.

Bangladesh continues to lead the market with strong pricing, stable currency, and accelerated Letter of Credit approvals. However, with only five weeks remaining before the monsoon season, time pressure is intensifying. Compliance scrutiny remains elevated, with due diligence now embedded across transactions.

India retains its structural advantage with Hong Kong Convention compliant yards, but ongoing currency weakness and energy exposure linked to Hormuz disruptions continue to limit competitiveness. Pakistan is emerging as the strongest performer, with firm pricing, stable fundamentals, and a reinforced proximity advantage to Gulf tonnage. Turkey remains uncompetitive for mainstream recycling and is limited to EU regulated tonnage.

No major recycling transactions were reported this week, highlighting continued supply tightness across all destinations.

As the monsoon window narrows, the market narrative is shifting. The expected release of tonnage is no longer delayed but increasingly deferred, raising the likelihood of a growing backlog into Q2.

This episode provides a clear, data-driven view of ship recycling trends, scrap market pricing, freight dynamics, and global maritime risk factors shaping supply decisions.

• Indefinite ceasefire extension with escalation in the Strait of Hormuz
• Brent crude rebounds toward mid-90 dollar levels on geopolitical risk
• Baltic Dry Index rises to multi-month highs with strong Capesize earnings
• Vessel earnings remain elevated, discouraging recycling activity
• Currency movements stable but reinforcing existing pricing structure
• Bangladesh leads with improving LC flows and strong pricing
• India remains constrained by currency weakness and energy exposure
• Pakistan strengthens with firm pricing and Gulf proximity advantage
• Turkey remains limited to EU compliant recycling segment
• No major recycling sales reported, confirming supply shortage
• Q1 tonnage overhang increasingly shifting into a Q2 backlog

Although presented as clarification, the revised draft is widely seen across the maritime industry as a more consequential development. The discussion explores how the proposed guidance may raise the practical threshold for non-EU recycling yards seeking inclusion on the EU List, particularly in areas such as infrastructure, environmental monitoring, downstream waste management, verification systems and inspection expectations.

The conversation also looks closely at the implications for Alang, where many yards have made substantial progress through investments in safety systems, environmental controls and compliance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships. Jamie and Anand examine whether the revised framework builds on that progress or risks creating a compliance threshold that is difficult to achieve in practice.

This episode covers the wider commercial and regulatory consequences for shipowners, recycling facilities and the global recycling market, including the risk that overly restrictive entry requirements may reduce participation rather than expand responsible oversight.

• The real shift behind the EU’s revised draft guidance
• Why “clarification” may mean a higher compliance threshold in practice
• Operational implications for third-country ship recycling facilities
• Expanded interpretations of infrastructure and environmental monitoring requirements
• Downstream waste management and the challenge of demonstrating equivalence
• What the revised approach could mean for Alang ship recycling yards
• Commercial realities for shipowners at end of life
• Why participation is essential to raising global recycling standards
• The case for phased inclusion and structured compliance pathways
• What is ultimately at stake for the future of responsible ship recycling

This is an important conversation for shipowners, cash buyers, recyclers, regulators, P&I stakeholders, compliance specialists and maritime professionals following the evolving regulatory landscape in ship recycling.

Subscribe to GMS Podcasts for expert discussion on ship recycling, maritime regulation, responsible recycling standards and market developments shaping the industry.

In this episode, Grace and Ryan break down the latest developments across Bangladesh, India, Pakistan, and Turkey, with a focus on how macro factors are influencing recycling activity. The expected release of vessel supply has once again been delayed, even as oil prices soften.

The macro environment this week reflects elevated risk rather than stability. While Brent crude has eased to the mid-90 dollar range due to weaker demand expectations, the Strait of Hormuz remains constrained and geopolitical tensions persist. At the same time, freight markets have strengthened significantly, with the Baltic Dry Index reaching its highest levels since December. Strong vessel earnings continue to discourage owners from recycling older ships.

Currency markets remain relatively stable across the subcontinent, and steel prices are holding recent gains. However, these factors are not driving the market. The key constraint remains the lack of available tonnage.

Bangladesh continues to lead the market with strong pricing, stable currency, and improving Letter of Credit flows. However, the pre-monsoon window is narrowing rapidly, putting pressure on recyclers to secure vessels in the coming weeks.

India remains structurally strong with its HKC compliant infrastructure, but ongoing currency weakness and energy supply disruptions are limiting competitiveness. Pakistan is emerging as a strong and stable second option, supported by firm steel prices and a favorable position due to ongoing regional dynamics. Turkey remains uncompetitive for mainstream tonnage and continues to operate within its EU regulated niche.

No major recycling transactions were reported this week, reinforcing the ongoing supply shortage across all key destinations.

As Q2 progresses, the market is approaching a critical point. The key question remains whether vessel supply will return before the monsoon season or continue to be delayed by strong freight markets and geopolitical uncertainty.

• Geopolitical risk remains elevated with ceasefire discussions but no full resolution
• Brent crude softens to mid-90-dollar levels due to demand concerns
• Baltic Dry Index rises above 2500, supporting strong vessel earnings
• Owners continue trading vessels instead of recycling due to firm freight markets
• Bangladesh leads pricing with strong steel levels and improving LC flows
• India faces currency pressure and energy-related constraints
• Pakistan strengthens with stable currency and rising steel prices
• Turkey remains limited to the EU-compliant recycling segment
• No major recycling sales reported, highlighting ongoing supply shortage
• Market direction depends on timing of vessel supply ahead of monsoon season

In this episode, Grace and Ryan break down the latest developments across Bangladesh, India, Pakistan, and Turkey, highlighting how falling oil prices, firm freight markets, and stable currencies are shaping recycling sentiment.

The macro environment shifted this week as Brent crude dropped sharply from above USD 109 to near USD 101 per barrel following geopolitical developments involving Iran. However, despite this correction, the Baltic Dry Index climbed above 2,100, indicating that freight earnings remain strong and continue to delay recycling decisions.

Currency markets remained relatively stable, with the U.S. Dollar softening slightly, offering marginal support to sub-continent buyers, while the Indian Rupee weakened modestly after last week’s rebound.

Regionally, Bangladesh continues to lead the market, supported by a sharp increase in steel plate prices to BDT 71,000 and improving Letter of Credit approvals. India remains structurally strong with over 110 HKC-compliant yards but is still constrained by limited supply and ongoing energy challenges. Pakistan stands out for its stability, with firm steel prices and a steady currency supporting consistent bidding. Turkey, despite a slight currency recovery, remains uncompetitive for mainstream tonnage and focused on niche EU-regulated recycling.

A notable transaction this week included an LNG vessel reported at USD 513 per LDT, signaling that deals are still occurring, albeit selectively.

The key theme remains unchanged: recyclers are ready to buy, but vessel supply continues to lag. As oil prices soften and geopolitical uncertainty evolves, the market may be approaching an inflection point, but the timing of any meaningful supply release remains uncertain.

As Q2 progresses and the monsoon window narrows, the industry is watching closely: will lower oil prices trigger increased recycling activity, or will firm freight markets continue to delay the flow of tonnage?

Key Market Developments this week

• War premium in oil begins to ease as Brent drops from USD 109 to ~USD 101
• Baltic Dry Index rises above 2,100, keeping freight earnings strong
• Vessel supply remains constrained despite improving recycling conditions
• Bangladesh leads with strong steel prices and improving LC approvals
• India faces currency pressure and energy constraints despite strong infrastructure
• Pakistan remains stable with firm steel prices and competitive positioning
• Turkey shows slight recovery but remains uncompetitive for mainstream recycling
• LNG vessel sale reported at USD 513/LDT highlights selective deal activity
• Market approaching potential inflection point, but supply response still pending

In this episode, Ingrid and Henning walk through the latest developments across Bangladesh, India, Pakistan, and Turkey, where recyclers remain active but are still facing a shortage of workable end-of-life vessel supply.

The broader macro environment continues to play a key role. Ongoing tensions in the Middle East are keeping oil prices elevated above USD 100 per barrel, supporting freight earnings and delaying demolition decisions. As a result, older vessels are staying in service longer, limiting the flow of tonnage into recycling yards.

Currency movements added another layer this week. The Indian Rupee rebounded following central bank intervention, offering some support to local buyers, while the Turkish Lira weakened further, keeping Turkey uncompetitive for mainstream tonnage. At the same time, mixed steel price trends across the sub-continent continue to make pricing decisions more difficult.

Regionally, Bangladesh remains the most active market, with steady post-Eid momentum, improving LC approvals, and firm pricing levels. India continues to benefit from strong HKC compliance infrastructure but remains constrained by limited supply and operational challenges. Pakistan shows improving stability, supported by firm steel prices and growing compliance capacity, while Turkey remains focused on niche EU-regulated recycling segments.

The key theme this week remains unchanged: recyclers are ready to buy, but vessels are not arriving in sufficient numbers.

As Q2 begins, the market continues to watch closely -  will supply improve ahead of the monsoon season, or will strong freight markets continue to delay recycling activity?

Key Market Developments This Week

• Q2 opens with continued pressure from oil, freight, and geopolitical factors
• Elevated freight earnings continue to delay recycling decisions
• Ongoing shortage of end-of-life vessel supply across all major markets
• Bangladesh remains the most competitive and active destination
• Indian Rupee rebound offers support, but operational challenges persist
• Pakistan strengthens position with stable steel prices and improving sentiment
• Turkey remains uncompetitive for mainstream tonnage due to currency weakness
• Compliance and due diligence remain key following unresolved sanctioned vessels
• Overall market activity remains subdued despite improving buyer appetite

The broader macro environment remains the main driver. Ongoing conflict in the Middle East is still supporting oil prices above USD 100 per barrel and keeping freight earnings elevated, which continues to delay demolition decisions as owners keep older vessels trading longer. Mixed U.S. Dollar performance and uneven steel plate movements across the subcontinent added further uncertainty to bidding levels this week.

In this episode, Grace and Ryan discuss how post-Eid sentiment has improved in parts of the market, especially in Bangladesh, where recyclers appear more active and more willing to chase fresh tonnage. However, financing bottlenecks, unresolved sanctions-related concerns, and still-flat steel fundamentals continue to limit momentum. India saw a firmer steel tone and remains the clear leader in Hong Kong Convention compliant recycling capacity, with more than 110 compliant yards in Alang. Pakistan continued to show improving engagement, supported by HKC-certified yards and geographic proximity to Gulf tonnage, while Turkey remained structurally disadvantaged on price despite retaining a specialist niche for EU-regulated vessels.

The key theme this week is straightforward: market appetite is returning faster than vessel supply. That imbalance is keeping transaction volumes low even as buyer sentiment improves.

As Q2 begins, the market focus shifts to one critical question: will a pre-monsoon wave of recycling candidates emerge, or will high freight returns continue to keep demolition tonnage out of reach?

Key Market Developments This Week

• Post-Eid reopening failed to deliver a meaningful pickup in ship recycling volumes
• Middle East conflict continues to support high oil prices and firm freight earnings
• Elevated freight returns are still delaying vessel scrapping decisions
• Bangladesh emerged from Eid with stronger buying appetite and improving sentiment
• Two OFAC-sanctioned VLCCs remain unresolved off Chattogram, reinforcing due diligence concerns
• Bangladesh recycling indications held at about USD 450 / 470 / 480 per LDT for dry bulk, tankers, and containers
• India remained at USD 425 / 445 / 455 per LDT and continues to lead on HKC compliance with 110+ compliant yards
• Pakistan held at USD 440 / 460 / 470 per LDT and showed continued engagement despite steel pressure
• Turkey stayed at USD 270 / 280 / 290 per LDT and remains uncompetitive for mainstream commercial tonnage
• Port activity remained thin, with no new vessels reported at Chattogram or Gadani this week

Escalating geopolitical tensions in the Middle East remain the dominant macro driver, with oil prices briefly approaching 120 USD per barrel before stabilizing above 100 USD. Elevated energy prices are supporting freight markets, with the Baltic Dry Index holding above 2,000 levels. This is delaying the flow of end-of-life vessels into recycling yards.

In this episode, Ingrid and Henning discuss how rising oil prices, firm freight earnings, and a strengthening U.S. Dollar are tightening vessel supply while also pressuring recycling market fundamentals. Despite improved pricing levels across the subcontinent, a lack of available tonnage continues to limit transactions.

Bangladesh remains the price leader but recorded no meaningful deals due to the Eid slowdown and ongoing financing constraints. India faces pressure from rising energy costs and currency weakness but maintains a competitive advantage through its Hong Kong Convention compliant recycling yards. Pakistan shows improving sentiment with stable currency levels, strong steel prices, and expanding HKC certified capacity. Turkey remains subdued amid currency depreciation and regulatory challenges.

The key theme this week is clear. Strong pricing but no supply.

As markets prepare to reopen after Eid, attention turns to whether a short-term increase in recycling activity can materialize ahead of the monsoon season, or if elevated freight earnings will continue to delay vessel recycling decisions.

• Eid holidays pause ship recycling activity across Bangladesh, India, Pakistan, and Turkey • Middle East conflict pushes oil prices above 100 USD, briefly nearing 120 USD per barrel • Baltic Dry Index remains firm above 2,000, supporting vessel earnings • Higher freight rates delay recycling supply as older vessels remain in operation • U.S. Dollar strengthens against regional currencies, pressuring recycling margins • Bangladesh leads pricing but records no transactions during the holiday week • Indian Rupee weakens while steel prices remain volatile amid supply concerns • Pakistan shows improving sentiment with stable currency and strong steel prices • Expansion of HKC compliant yards in India and Pakistan supports future green recycling demand • Turkey market remains quiet amid Lira depreciation and ongoing regulatory challenges

Following military strikes near Iran’s Kharg Island, one of the country’s primary crude export terminals, oil prices moved sharply higher and approached the USD 100 per barrel level. The development has raised concerns across the shipping industry as higher bunker costs, supply risks, and regional security issues begin to affect market sentiment.

In this episode, Ingrid and Henning discuss how geopolitical developments, oil price movements, steel prices, and currency fluctuations are shaping ship recycling activity across Bangladesh, India, Pakistan, and Türkiye.

Bangladesh recorded the most activity this week and secured several notable vessels including three LNG carriers and additional bulk carriers. Buyers in India, Pakistan, and Turkey remained more cautious as steel price volatility and currency pressures continue to influence recycling margins.

The recycling market remains sensitive to global economic conditions, particularly oil prices, freight market trends, and regional steel demand.

• Middle East tensions affecting energy markets and global shipping routes • Military strikes near Iran’s Kharg Island pushing oil prices close to USD 100 per barrel • Rising geopolitical risk influencing shipping costs and freight market sentiment • Bangladesh securing multiple vessels including LNG carriers and bulkers • Rare LNG carrier recycling deals completed during the week • Currency weakness and steel price fluctuations affecting recycling margins in South Asia • India, Pakistan, and Turkey markets showing limited buying activity • Recycling markets monitoring geopolitical developments and energy market trends

Bangladesh led pricing levels across most vessel categories during the week. Buyers in other markets remained cautious while monitoring steel demand and currency movements.

The overall tone across recycling markets remains cautious but stable. Activity continues to depend on steel prices, currency stability, and the supply of available vessels.

This episode reviews demolition pricing trends, regional recycling fundamentals, and the broader economic forces influencing ship recycling markets in 2026.

For shipowners, brokers, cash buyers, recycling yards, and maritime investors, this weekly update provides practical insight into the global ship recycling market.

Following the closure of the Strait of Hormuz and rising regional instability, oil prices surged sharply above USD 110 per barrel, driving higher operating costs across global shipping. War risk premiums, vessel rerouting, and energy price volatility are beginning to influence ship recycling sentiment across key demolition destinations, including Bangladesh, India, Pakistan, and Turkey.

In this episode, Ingrid and Henning analyze how geopolitical tensions, fuel market volatility, steel price movements, and currency fluctuations are shaping buyer behavior and demolition pricing across the global ship recycling industry.

Despite increasing uncertainty, the recycling markets remain disciplined, with buyers maintaining cautious bidding strategies and limited fresh tonnage entering the market.

• Escalating Middle East conflict impacting global shipping routes and energy markets • Strait of Hormuz disruption driving sharp oil price increases • Rising vessel operating costs and insurance premiums • Bangladesh maintaining top demolition pricing position • India steel plate prices jumping nearly USD 28 per ton amid supply concerns • Pakistan maintaining competitive pricing with stable steel fundamentals • Turkey facing regulatory developments following EU yard certification changes • No reported demolition sales this week as buyers remain cautious

Bangladesh continues to lead pricing levels across most vessel categories, while India shows improving steel fundamentals and Pakistan remains competitively positioned for regional tonnage. Turkey continues to trail pricing levels amid softer European scrap demand.

The broader tone of the market remains cautious but stable. While geopolitical instability is creating short-term disruption across global shipping markets, longer-term implications may eventually influence vessel supply into the recycling sector.

This episode provides strategic insights into demolition pricing trends, steel market movements, subcontinent recycling fundamentals, and the macroeconomic forces influencing ship recycling markets in 2026.

For shipowners, brokers, cash buyers, recycling yards, and maritime investors, this weekly update provides essential intelligence on the evolving global ship recycling landscape.

Even without excessive vessel supply, demolition prices have struggled to move higher. Recyclers in Bangladesh, India, and Pakistan are maintaining strict pricing discipline as local steel fundamentals remain soft and exchange rate movements increase transactional risk.

In this episode, Grace and Ryan examine the core drivers shaping the global ship recycling market, including geopolitical developments, oil price movement, steel plate trends, freight sentiment, and subcontinent currency performance.

Key market developments this week:

Continued macro uncertainty affecting commodity and currency stability Steel price softness limiting upward movement in demolition offers Bangladesh maintaining the top position in demo pricing levels India remaining competitive but measured in its bidding approach Pakistan constrained by financial and structural economic pressures Turkey offering conservative levels aligned with European scrap markets Freight earnings preventing an immediate surge of recycling candidates

Bangladesh continues to lead pricing across most vessel categories. India follows closely but remains selective, particularly on HKC compliant tonnage. Pakistan’s pricing reflects ongoing banking and liquidity constraints. Turkey remains at the lower end of the pricing spectrum due to softer imported scrap fundamentals.

The broader tone of the market is cautious rather than reactive. Buyers are active, but they are protecting margins. Steel direction remains the primary anchor for pricing decisions, and until stronger support develops, recyclers are unlikely to stretch significantly.

This episode provides practical insight into demolition pricing trends, subcontinent steel movements, and market positioning for shipowners, cash buyers, brokers, recycling yards, maritime investors, and shipping professionals navigating 2026 conditions.

For those involved in vessel recycling and ship demolition markets, this weekly update offers clear perspective on pricing leadership and the factors to monitor in the weeks ahead.

In this episode, Ingrid and Henning examine the key drivers shaping the demolition market:

The Baltic Dry Index rebounding 1.2 percent, led by Capesize and Panamax strength Oil prices climbing above USD 66 per barrel before easing toward USD 65.9 Bangladesh reclaiming the number one position in the subcontinent rankings with improving sentiment and pricing levels pushing into the mid USD 400s per LDT A USD 16 per ton increase in Bangladeshi steel plate prices alongside a firmer Taka Pakistan maintaining industry leading steel levels near USD 594 per ton following the halt in Iranian steel imports India’s steel prices slipping below USD 400 per ton while inflation trends accelerate Continued alignment on Hong Kong Convention compliance with IRRC documentation requirements across the region The expected operational slowdown from Ramadan across key recycling destinations

This episode provides in-depth analysis of demolition pricing direction, port activity in Alang, Chattogram, and Gadani, currency performance, inflation trends, and the macroeconomic forces influencing vessel recycling markets in 2026.

The discussion is tailored for shipowners, cash buyers, brokers, recycling yards, maritime investors, and shipping professionals seeking actionable insight into global ship demolition pricing and subcontinent market dynamics.

In this week’s episode, Ingrid and Henning discuss how the U.S. Dollar strengthened against most recycling nation currencies, with India being the exception as the Rupee improved to around INR 90.6. Steel plate prices reversed course in India, falling nearly USD 10 per ton, while Pakistan maintained the strongest fundamentals in the region with plate prices holding near USD 594 per ton.

Bangladesh reached a political milestone as the BNP secured a more than two-thirds majority in the general elections. The result is expected to support long-delayed infrastructure projects and could improve domestic steel demand in the months ahead. The country also adopted the International Ready for Recycling Certificate framework, aligning with regional compliance requirements under the Hong Kong Convention. Steel plate prices in Bangladesh remained flat near USD 494 per ton, while the Taka weakened slightly.

Pakistan continued to lead pricing tables, supported by firm steel levels, stable currency performance near PKR 279.6, and rising anchorage activity totaling nearly 30,000 LDT across multiple bulk carriers. India’s anchorage activity also remained active with more than 47,000 LDT present, despite softer steel prices. Turkey remained quiet, with limited activity in Aliaga and the Lira weakening toward TRY 44.

This episode covers demolition pricing direction, steel and currency movements, port activity in Alang, Chattogram, and Gadani, and the ongoing shortage of recycling candidates. The discussion is intended for shipowners, cash buyers, recyclers, brokers, and maritime professionals following developments in the global demolition market

In this week’s ship recycling market podcast, Ingrid and Henning break down the latest movements in the Baltic Dry Index, oil prices falling below sixty-two U.S. dollars per barrel, and how improving domestic fundamentals are reshaping pricing expectations across the Indian sub-continent.

Pakistan continues to lead the market, supported by firm steel levels, improving currency performance, and renewed demand for dry bulk candidates. Bangladesh re-enters the spotlight as Chattogram activity increases, though uncertainty remains high with national elections approaching mid-February. India shows stronger footing as steel prices rebound and the Indian Rupee strengthens, while Turkey remains subdued, with Aliaga activity limited and the Turkish Lira continuing its gradual decline.

This episode also highlights the ongoing shortage of recycling candidates, increased interest in older handy bulkers and LNG units, and the evolving balance of supply and demand shaping demolition pricing into early 2026.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals tracking global demolition markets, this weekly discussion covers pricing direction, market sentiment, HKC compliance developments, and the key risks and opportunities currently shaping the ship recycling landscape.

In this week’s market update, Ingrid and Henning discuss how Pakistan strengthens its position following another HKC-approved yard and firm steel fundamentals, while Bangladesh returns to the bidding tables but remains constrained by weak steel prices, currency pressure, and upcoming elections. India stays active at the anchorage despite record Rupee weakness and soft plate prices, keeping pricing selective, while Turkey sees steady demand supported by RoRo arrivals even as the Lira continues to depreciate.

The episode also covers movements in the Baltic Dry Index, oil prices crossing USD 65 per barrel, regional currency trends, steel plate pricing across the sub-continent, HKC compliance developments, and evolving tonnage supply expectations as Q1 2026 unfolds.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals monitoring global demolition markets, this weekly conversation highlights pricing direction, compliance momentum, and the key risks and opportunities shaping the ship recycling landscape.

In this episode, Ingrid and Henning discuss the latest developments across the Indian sub-continent and Turkey, as market rankings reshuffle and sentiment moves rapidly week to week.

Bangladesh falls to the bottom of the regional pricing table amid weak bidding activity and upcoming elections, while Pakistan moves to the top following improved demand, reduced Iranian steel imports, and the addition of another HKC-compliant yard with Salams International receiving its Statement of Compliance from ClassNK.

India remains active for specialist tonnage such as LNG carriers and non-ferrous-rich vessels, though continued Indian Rupee weakness and steel price sensitivity keep recyclers cautious. Turkey experiences renewed activity with increased RoRo arrivals, even as ongoing Lira depreciation limits longer-term upside.

This weekly market conversation covers recycling pricing levels, currency movements, steel fundamentals, tonnage flows, and what shipowners, brokers, and maritime stakeholders should be watching as 2026 unfolds.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals monitoring global demolition markets and vessel recycling trends.

In this episode, Ingrid and Henning break down the latest developments across the Indian sub-continent and Turkey, as recyclers navigate weakening local currencies, uneven steel plate prices, and selective demand for tonnage.

The discussion explores why recycling prices continue to hover around the critical USD 400 per LDT level, how Bangladesh has regained its position as the most competitive destination for large LDT vessels, why India’s early-year rebound quickly reversed, and why Pakistan remains eager for tonnage but constrained by limited deliveries and yard availability.

The episode also looks at renewed activity in Turkey following recent RoRo arrivals, the impact of a strong U.S. Dollar on recycling sentiment, and what shipowners should be watching as global uncertainty continues into early 2026.

This market update is designed for shipowners, brokers, recyclers, financiers, and maritime professionals tracking global demolition pricing, tonnage flows, and regional recycling trends.

Capt. Yogesh explains why these assets are more complex to prepare for recycling, including production systems, piping, residues, and the structural risks that come with age, steel wastage, and exposed topside equipment. The conversation covers towage readiness, flare mast protection, stability concerns, and the importance of emergency measures during ocean passages.

The episode also revisits landmark operations that helped reshape industry confidence, including the long distance tow of a semi submersible from Brazil and the successful delivery and beaching of a jack up rig in Chittagong, supported by rigorous inspection, daily monitoring, and alignment with marine warranty surveyor requirements.

Safety and environmental responsibility remain central throughout. Capt. Yogesh describes how GMS follows MARPOL and IMO expectations for residue control and documentation, and why cutting corners is never an option when lives, reputation, and environmental integrity are at stake.

In this episode, Henning and Ingrid explain why USD 400 per LDT has become the key pricing level for shipowners, how Bangladesh has surged back to the top of the market, why India’s New Year rebound quickly reversed, and why Pakistan remains financially strong but constrained by HKC yard capacity. Turkey continues to struggle under a weakening lira and regulatory pressure, keeping Aliaga on the sidelines.

The episode also looks at how steel prices are shifting across India, Pakistan and Bangladesh, how Chinese New Year could affect vessel availability, and what owners with ageing ships should be watching as 2026 begins.

This episode covers:

• Ship recycling prices for bulkers, tankers and containers

• Bangladesh, India, Pakistan and Turkey market trends

• Steel plate price volatility

• Currency movements and buyer sentiment

• HKC yard capacity and certification limits

• Port activity and tonnage flows

This podcast is essential listening for shipowners, brokers, capital providers, recyclers, and maritime professionals tracking global scrap ship markets.

Hosted by Jamie Dalzell, Head of GMS Singapore, this episode features Capt. Yogesh Rehani, Head of Operations at GMS, who has spent more than 25 years managing last voyage projects involving damaged, abandoned, and non-operational ships.

Listeners are taken inside the real world of ship recycling takeovers. From boarding vessels in blackout conditions to restoring flooded engine rooms and assessing fire and collision damage, Capt. Yogesh explains how GMS evaluates risk, stabilizes vessels, and moves them safely to recycling yards in the subcontinent.

The conversation includes real case studies, including a cruise ship with a flooded engine room that was repaired and sailed under its own power, a tanker that sat idle off West Africa for more than 14 years before being reactivated, and multiple fire damaged and collision damaged ships delivered through carefully engineered towage and voyage planning.

This episode shows how ship recycling is not just about steel. It is about marine engineering, risk management, crew safety, environmental protection, and honoring contractual commitments. GMS operates as a marine operator first and a cash buyer second, which is why shipowners, underwriters, and brokers rely on GMS when the stakes are highest.

Beyond the Last Voyage reveals the discipline, preparation, and technical judgment required to complete the final journey of a vessel safely and responsibly.

WHAT YOU WILL LEARN

• What As Is Where Is means in ship recycling contracts
• How dead ships and idle vessels are taken over and made seaworthy
• How flooded, fire damaged, and collision damaged vessels are assessed
• How naval architects, class, and marine warranty surveyors guide last voyages
• Why operational reliability matters more than price in recycling deals

This week in the markets: India (Alang) strengthened sharply and moved back to the top of the pricing range, even with the rupee softer near 90.28 to the dollar. Bangladesh (Chattogram) slipped further, with levels down around 50 dollars per LDT from late Q4 highs and the taka near 122.30 to the dollar as uncertainty builds ahead of elections. Pakistan (Gadani) stayed close behind but most offers remained below 400 dollars per LDT, with the rupee near 280.62 to the dollar and limited HKC ready capacity still a key constraint. Turkey (Aliaga) stayed quiet with no reported sales and the lira near 43.03 to the dollar.

Port position: Chattogram reported arrivals totaling about 39,560 LDT this week, while Alang and Gadani reported no new vessels.

Indicative recycling levels for Week 1 2026 (USD per LDT): India Bulker 410 Tanker 430 Container 440 Pakistan Bulker 390 Tanker 410 Container 420 Bangladesh Bulker 380 Tanker 400 Container 410 Turkey Bulker 270 Tanker 280 Container 290

For the full written weekly with tables and port position details, download it from the GMS App or subscribe to receive it by email each week.

In this episode, Henning and Ingrid reflect on a turbulent year shaped by scarce vessel supply, declining steel plate prices, volatile currencies, and continued uncertainty across global freight markets. Despite softer pricing compared to early-2024 highs, meaningful progress on Hong Kong Convention (HKC) compliance across the Indian sub-continent provides a constructive outlook heading into 2026.

Market highlights this week include:

• A quiet holiday market with no reported recycling sales, reflecting continued supply tightness.

• Bangladesh closing the year with filled yards, flat steel trading, improved port efficiency, and cautious optimism ahead of 2026.

• India ending 2025 under pressure from falling steel prices and a weaker rupee, despite a resilient broader economic backdrop.

• Pakistan reaching a major milestone with its first HKC-approved ship recycling yard, positioning Gadani for increased competitiveness in 2026.

• Turkey remaining subdued as currency weakness and limited tonnage keep Aliaga quiet.

• Freight markets easing further, potentially delaying recycling candidates into early 2026 as owners await surveys and dry-dock cycles.

Indicative recycling levels for Week 52 (USD/LDT):

• Bangladesh: Bulker 410 | Tanker 430 | Container 440

• Pakistan: Bulker 400 | Tanker 420 | Container 430

• India: Bulker 380 | Tanker 400 | Container 410

• Turkey: Bulker 270 | Tanker 280 | Container 290

As the industry looks ahead, HKC-ready capacity, regulatory compliance, and timing of vessel supply are expected to define recycling market dynamics in the year ahead.

Tune in for a concise, data-driven wrap-up of 2025 and what it means for ship recycling markets in 2026.

In ship recycling, many incidents happen when routine takes over and basic checks are skipped to keep work moving. This conversation focuses on the small actions that prevent harm on the ground: the pause before lighting the torch, a gas check repeated when conditions change, a supervisor choosing not to overlap high risk jobs, and a near miss report that results in a real fix.

What SSORP has delivered this year (so far)

• 781 safety awareness training sessions
• 12,036 yard workers reached
• 70 distinct topics delivered across India, Bangladesh, and Pakistan
• Training provided free for workers

Topics discussed in this episode

• Permit to Work (PTW): planning, authorization, checks, and clear responsibility before high risk work starts
• Hot work and gas cutting discipline: leak checks, flashback risks, ventilation, fire watch, safe cylinder handling, and stop work authority
• Confined space awareness: atmospheric hazards, entry controls, communication, and changing conditions
• Lifting and material handling: rigging basics, exclusion zones, signals, and early warning signs before a load shifts
• Heat stress and fatigue: hydration routines, shaded rest, symptom recognition, and simple prevention steps
• Near miss reporting: reporting early, pausing the task, inspecting gear, fixing issues, and sharing learning in toolbox talks
• Environmental awareness and waste handling: segregation, storage discipline, spill prevention, and daily yard practices
• Mock drills and emergency readiness: alarms, isolation, muster points, first actions, and clear response roles

Key takeaways for different roles

• For workers: professionalism is in the pause. Ask for checks, report near misses, stop when conditions change
• For supervisors and mukadams: make work predictable. Plan, brief, coordinate overlaps, and make permits meaningful
• For owners and management: back the system. Maintain equipment, support reporting without blame, and reinforce discipline consistently

This episode is a practical look at training that supports safer work shift by shift across ship recycling yards.

This week delivers a sharp reminder of December volatility: freight markets continue to ease, the U.S. Dollar remains unstable, oil holds at relatively low levels, and local steel plate prices shift across the sub-continent. With the Hong Kong Convention (HKC) now in force, recyclers continue adapting to higher compliance expectations, while owners watch pricing and delivery timing closely heading into year-end.

Market overview highlights:

• Lower supply remains the defining theme, even as fixtures and arrivals begin to surface across sub-continent beaches.

• Bangladesh sees another price reset as steel plate prices drop quickly and yard capacity remains a key factor.

• India remains under pressure overall, but the Rupee firms and local plate prices rebound, adding short-term optimism.

• Pakistan strengthens its position with firmer domestic steel and ongoing HKC momentum, though delivery delays remain a concern.

• Turkey stays largely sidelined as restrictions and currency weakness keep Aliaga quiet.

Indicative recycling levels this week (USD per LDT):

• Bangladesh: Bulker 410 | Tanker 430 | Container 440

• Pakistan: Bulker 400 | Tanker 420 | Container 430

• India: Bulker 380 | Tanker 400 | Container 410

• Turkey: Bulker 270 | Tanker 280 | Container 290

Also in this episode: GMS is proud to share that our Founder and CEO, Dr. Anil Sharma, has been recognized in the Lloyd’s List Top 100 Most Influential People in Shipping for the 16th consecutive year. Under his leadership, GMS has completed more than 5,000 transactions and handles about one-third of global tonnage delivered for recycling each year.

If you want the full market context, pricing direction, and port position snapshots, follow GMS for weekly ship recycling intelligence.

Season’s greetings to you and your families, and thank you for listening.

Paulina explains how digital tools, vessel tracking, AI based routing, and improved certification processes are increasing transparency and reducing risk across the recycling chain. The conversation highlights how insurers are now linking coverage and premium terms to ESG performance, worker safety standards, carbon considerations, and responsible recycling practices. The episode also explores how GMS prepares for regulatory change by strengthening audits, working with reputable insurers, and investing in digital monitoring to maintain high operational standards.

Topics include: • How vessel tracking and digital tools support better risk decisions • The role of AI in voyage planning and incident prevention • How digital certification improves transparency and compliance • Growing ESG influence on underwriting, pricing, and coverage availability • Environmental liability trends and new regulatory expectations • How GMS prepares for future maritime and recycling regulations • The importance of proactive and responsible risk management

This final episode ties together the themes of the series and shows how the future of ship recycling insurance will be shaped by technology, ESG performance, and evolving international standards.

Week 50 delivers “December Downers” as sentiment weakens into year-end: the Baltic Dry Index (BDI) slips nearly 4% (with Capes down 5.6%), and oil retreats over 3% to around $57.61/bbl. A strong U.S. Dollar, softer local steel plate prices, and limited tonnage continue to pressure bids—pushing many sub-continent indications toward $400/LDT and below.

Bangladesh remains top-ranked but faces declining fundamentals—local plate prices drop about $9/ton into the high-$490s, and political risk rises with elections confirmed for Feb 12, 2026. India (Alang) stays the weakest as steel levels ease to roughly $377/ton, and the INR hits around 90.50 to the Dollar. Pakistan (Gadani) remains quiet despite ongoing Hong Kong Convention (HKC) progress; inflation sits near 6.1%, plate levels around $575/ton, and the PKR near 280.35. Turkey (Aliaga) is stable but slow, with the TRY near 42.70.

Indicative price levels this week (USD/LDT): Bangladesh 410 / 430 / 440 (Bulker / Tanker / Container) Pakistan 400 / 420 / 430 India 380 / 400 / 410 Turkey 270 / 280 / 290

For the full report, rankings, and port positions, download the GMS Weekly via the GMS App or our website. Follow GMS on LinkedIn and social media for daily ship recycling market updates.

Paulina outlines how GMS works with global reinsurers, A rated insurance markets, and experienced local correspondents to secure reliable coverage, even in complex jurisdictions. She also discusses how tailored policy wording addresses sanctions, convertibility and enforceability concerns, and the wider risk environment surrounding ship recycling. The episode highlights the growing influence of ESG standards and how insurance supports verification of safe manning, pollution safeguards, and green recycling requirements.

Topics include: • Structuring insurance in markets with currency or political instability • Using strong reinsurance capacity to protect voyage and liability exposure • Managing sanctions, convertibility, and enforceability risk • Insurance as verification of ESG and responsible recycling standards • Coordination between insurance, trading, and operations teams • Monitoring routing, weather, warranties, COFR, SOR, and P and I entries • Emerging risks shaping the next phase of global ship recycling

This episode shows how insurance helps GMS navigate uncertainty and maintain safe, compliant, and responsible recycling operations across multiple jurisdictions.

The final weeks of 2025 brought softer steel prices, weaker currencies, and a continued shortage of available tonnage. The Baltic Dry Index slipped about 3 percent, oil steadied near 59 dollars 70 cents a barrel, and local plate levels fell by roughly 5 dollars per ton across the sub-continent.

Bangladesh remains at the top of the price rankings despite a quieter market, while India faces another week of limited arrivals and declining fundamentals. Pakistan is building momentum following confirmation of its first Hong Kong Convention-approved yard in Gadani, and Turkey shows modest improvement as local steel prices rise 10 dollars per ton.

Ingrid and Henning also discuss year-end sentiment, the impact of currency moves, and expectations for 2026 as recyclers invest in new HKC-compliant capacity.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

Paulina explains how insurance supports owners, crews, third parties, and the environment throughout the final voyage. The discussion covers how Marine Warranty Surveyors, P&I coverage, hull insurance, pollution safeguards, and contractual compliance come together to manage risk from departure to delivery.

Topics in this episode include: • Key risks involved in the final voyage • Navigation risk assessments and the role of Marine Warranty Surveyors • Crew and third-party liability protection • Pollution exposure and environmental safeguards • Contractual compliance with international recycling standards • How reputable insurers strengthen responsible recycling at GMS • How ESG expectations are reshaping insurance requirements

This episode sets the foundation for the series by explaining why insurance is central to safe, responsible, and transparent ship recycling. It offers clear insight into how GMS works with first-class insurers to protect every stakeholder involved in the process.

Follow GMS on LinkedIn and subscribe for Part 2, where we explore how insurance helps manage market volatility, political risk, and global compliance pressures.

Market conditions across South Asia remained under pressure. Steel plate prices declined in Bangladesh, India, Pakistan and China. The US dollar weakened in all major recycling destinations except Turkey. Freight markets continued their positive momentum, with the Baltic Dry Index rising by 3.2% to its highest level since December 2023. Oil prices stayed soft and ended the week near 59 dollars per ton, almost 14% lower than a year ago. Supply of recycling candidates remains limited as owners continue trading their vessels on strong freight earnings.

Global supply tightness contributed to a mixed pricing environment. Smaller lightweight units are often trading below 400 dollars per lightweight ton, while cleaner and larger vessels can still command higher levels in select locations.

Bangladesh stayed at the top of the pricing charts. Indicative levels were about 410 dollars per lightweight ton for bulkers, 430 dollars for tankers and 440 dollars for container vessels. Domestic fundamentals, however, weakened again. Local steel plate prices fell by 11 dollars to about 506 dollars per ton. The Taka improved slightly and closed at 122.08. Political tensions remain in the background ahead of the February 2026 elections. Chattogram recorded five new arrivals this week, including LPG units, a bulker and a chemical tanker, totaling 22,459 lightweight tons. Bangladesh now has 21 approved HKC yards, with one more close to completion.

India experienced another quiet week. Most tonnage continues to struggle to reach 400 dollars per lightweight ton, keeping Alang behind Bangladesh and Pakistan for preferred vessels. Steel plate prices slipped to about 390 dollars per ton, and the Rupee ended the week around 89.35. Indicative pricing remained about 380 dollars per lightweight ton for bulkers, 400 dollars for tankers and 410 dollars for container ships. Although India reported GDP growth of 8.2 percent, the recycling market continues to face pressure from higher import costs, weaker domestic sentiment and stronger competition from HKC-compliant yards elsewhere.

Pakistan recorded the most important development of the week. Prime Green Recyclers in Gadani received HKC approval from Bureau Veritas, the first yard in Pakistan to qualify. Additional yards are undergoing upgrades and are expected to follow in the next few months. Steel plate prices in Pakistan declined by 7 dollars to about 579 dollars per ton. The Rupee firmed slightly to around 282. Indicative pricing stood at 400 dollars per lightweight ton for bulkers, 420 dollars for tankers and 430 dollars for container units. Gadani did not receive any new vessels this week.

Turkey remained stable. Prices held around 260 dollars per lightweight ton for bulkers, 270 dollars for tankers and 280 dollars for container vessels. The Turkish Lira weakened further and moved past 42.50 against the US dollar. Inflation remains elevated, although the economy continues to show growth. Recycling activity in Aliaga stayed limited.

Across the subcontinent, the market continues to operate with restricted supply, weaker fundamentals and shifting currency conditions. HKC progress in Bangladesh and Pakistan is improving the competitive landscape and setting the stage for stronger compliance and sustainability in the year ahead.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

Global Market Overview Market volatility persisted through late November. Oil prices are now more than 6% lower on the month and around 16% below the same period in 2024. The Baltic Dry Index improved week on week but remains far under last year’s levels, which limits demolition candidates even as older tonnage creeps closer to recycling age. Combined with softer steel prices and unstable foreign exchange markets, this has kept supply tight and negotiations cautious at ship recycling yards.

Bangladesh Bangladesh remains the price leader in South Asia, with demo indications around USD 410 per LDT for dry bulk, USD 430 for tankers, and USD 440 for container vessels. Despite the pricing edge, 2025 has been thin on actual volumes. Inflation has hovered between 8% and 9%, and the Bangladeshi Taka weakened again to roughly BDT 122.5 per USD. Local steel plate prices slipped to about USD 525.9 per ton as yards struggle to move stockpiled recycled steel while cheaper imported scrap continues to pressure domestic demand. Political tensions ahead of the February 2026 elections and sporadic unrest are adding to the cautious tone. On the positive side, Bangladesh has now reached 20 HKC approved yards, with more facilities working through the certification process and ongoing worker training through the GMS Sustainable Ship and Offshore Recycling Program.

India The Alang recycling market stayed quiet. Few new deals were reported as Indian recyclers faced a sharp currency move. The Rupee fell to around Rs 89.6 per USD, bringing it close to the Rs 90 level that undermines confidence in future pricing. Steel plate prices improved slightly to approximately USD 398 per ton but remain below the USD 400 threshold. Smaller or less preferred ships are still priced under USD 400 per LDT even though nominal demo indications stand near USD 380 for bulk carriers, USD 400 for tankers, and USD 410 for container ships. With limited tonnage, weaker currency, and competition from lower-cost imported steel, Alang’s yards are under pressure, and India’s long-standing advantage as the main HKC compliant destination is beginning to narrow as Bangladesh and Pakistan add more approved yards.

Pakistan Pakistan delivered the week’s most encouraging structural development. Gadani’s first HKC compliant recycling yard is expected to receive formal approval shortly, with two or three additional yards targeted over the next few months and further upgrades planned into mid 2026. This represents a significant step in bringing Pakistan fully into the compliant recycling landscape. In the short term, however, trading conditions remain subdued. Domestic steel plate prices fell by USD 11 to around USD 586 per ton, still the highest level in the region but weighed down by cheaper product imported from Iran. The Pakistani Rupee firmed slightly to about PKR 282.6 per USD, yet this was not enough to lift sentiment. For the third consecutive week, there were no meaningful fresh market arrivals, and demo indications remain around USD 400 per LDT for bulkers, USD 420 for tankers and USD 430 for containers.

Turkey The Aliaga market was steady but very quiet. Prices held in the USD 260 to 270 per LDT range for bulk and tanker units and close to USD 280 for container vessels. The Turkish Lira weakened further, moving beyond TRY 42.4 per USD. Steel plate prices and demand were largely unchanged, leaving local yards operating in a constrained, high cost environment with little new tonnage to work on.

Market Sentiment and Outlook Across South Asia and Turkey, ship recyclers are facing the combined weight of weaker currencies, softer or stagnant steel values, and a limited flow of recycling candidates. At the same time, HKC progress in Bangladesh and the first approvals in Pakistan are building a stronger foundation for compliant and sustainable ship recycling in the years ahead. As 2026 approaches, attention is turning to how the industry will manage the growing pool of aging dark fleet ships and 30 year old vessels once freight markets ease and demolition activity finally starts to pick up.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

Despite geopolitical risk, currency pressure, and uneven local steel markets, most Greek shipowners remain in trading mode, keeping even late twenties vessels in service while they wait for clearer price signals. Jamie and Ilias discuss why HKC compliant yards in India and Bangladesh still dominate decisions for listed and reputation sensitive owners, what is holding Pakistan back despite competitive indications, and how Turkey is maintaining its niche role for EU flagged tonnage.

This episode offers concise, real time intelligence for anyone following ship recycling, green recycling, dry bulk, and demolition markets, with a particular focus on the role of currencies, compliance, and sentiment in setting the next move.

Key Highlights

• Current ship recycling prices and buyer sentiment in India, Bangladesh, Pakistan and Turkey

• Why Greek owners are still trading instead of recycling, even with older Panamax bulkers

• How currency depreciation across the subcontinent is squeezing recyclers and shaping bids

• The importance of HKC certified and compliant ship recycling yards for listed and blue chip owners

• Pakistan’s recent steel price correction, sub USD 600 local levels and the wait for its first HKC approved yard

• Turkey’s role as a niche destination for EU flag tonnage amid a weakening lira and limited capacity

• Which vessel types are closest to the economic edge and most likely to be recycled if freight softens

• Why currencies are now driving market sentiment as much as scrap prices and freight rates

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, trading flows and maritime market intelligence from key recycling and shipping hubs worldwide. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

Global Market Overview Market volatility persisted through mid-November. The Baltic Dry Index continued to rise across all sub-sectors, while oil futures slipped to around USD 59.50 per barrel following a Ukrainian drone strike on Russia’s Novorossiysk refinery. The U.S. Dollar strengthened further, reducing recyclers’ purchasing power, while steel-plate prices in key destinations declined. Transactions closed mostly in the low USD 400s per LDT, with smaller or less-preferred units moving in the high USD 300s.

Bangladesh Activity improved slightly as seven vessels totaling about 66,000 LDT reached Chattogram, including a large 21 K LDT bulk carrier. Despite this influx, overall sentiment remains fragile. Political tension ahead of the February 2026 elections, high tariffs near 30 percent, and a weaker Taka (BDT 122.35 per USD) continue to challenge local recyclers. Steel-plate prices dropped another USD 1 per ton, signaling persistent caution in the market.

India The Alang recycling market stayed quiet but stable. India’s strong HKC-compliant yard base provides structure, yet demand remains limited. Smaller dry units are only just touching USD 400 per LDT. The Rupee eased to Rs 88.70 per USD, while steel-plate prices gained about USD 4 per ton, offering a modest boost. Industry participants expect 2026 to mirror 2025’s challenges unless global fundamentals improve.

Pakistan After a brief recovery earlier in the quarter, Gadani activity slowed again. No new vessels arrived, and the country still awaits its first HKC-approved yard. Steel-plate prices fell USD 13 per ton to below USD 600, and the PKR weakened to 282.80 per USD. Ongoing inflation and the inflow of cheaper Iranian steel continue to pressure local recyclers and reduce competitiveness.

Turkey The Aliaga market remained steady with prices in the USD 260 to 280 per LDT range. The Turkish Lira slipped beyond TRY 42.30 per USD, maintaining difficult trading conditions. Despite weak fundamentals, yards are working to sustain operations and meet regional recycling demand.

Market Sentiment Across South Asia, recyclers face a combination of currency weakness, volatile commodity prices, and cautious end-users. As 2025 draws to a close, attention turns to 2026 for potential stabilization and renewed tonnage flow.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

From Bangladesh and India to Pakistan and Turkey, sentiment stays fragile while inflation, sanctions, and lack of supply define the tone.

Global Market Overview Markets limped through early November as macro pressures persisted. The Baltic Dry Index gained about 7% for the week, with Capes up 3.1%, Panamaxes 0.9%, and smaller segments rising 0.5%. Oil slipped again, closing just above USD 60 per barrel, while renewed U.S. sanctions and weaker global demand continue to cloud forecasts.

Inflation in key recycling nations remained uneven: Pakistan saw renewed price pressure, Turkey and Bangladesh stayed unstable, and India’s figures remain pending.

Bangladesh Chattogram stayed on top in name but not in action, with no viable tonnage arrivals and local buyers offering above-market rates just to keep yards active. The Taka depreciated further to BDT 121.93 per USD, and domestic steel plate prices collapsed, ending the week with no trading reported. Inflation hovered at 8.17%, while political and economic uncertainty weigh heavily heading into 2026.

India Alang continues to show resilience despite ongoing price weakness. Steel plate levels fell to USD 388.95 per ton, while the INR slipped to 88.67 per USD. Despite those declines, two mini-VLCCs arrived this week, showing India’s growing dominance as an HKC-compliant recycling destination.

Pakistan Gadani’s market remains under heavy strain, with offers below USD 400 per LDT as cheap Iranian steel imports flood the market. Local steel prices held around USD 614 per ton, but the PKR weakened to 282.5 per USD, and inflation jumped to 6.2%. Still no HKC-approved yards, leaving Gadani struggling for competitiveness.

Turkey Aliaga stayed mostly silent this week. The Lira plunged nearly 40 basis points to TRY 42.23 per USD, while local recyclers tried to lift prices slightly to attract tonnage, with little success so far.

Market Sentiment With global inflation, currency devaluation, low supply, and soft steel fundamentals, the world’s ship recycling sector continues to drift through uncharted waters. Optimism now shifts to 2026 as recyclers await a long-overdue "Trading Day."

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

As oil prices slide and OPEC+ announces supply cutbacks, recyclers in India, Bangladesh, and Pakistan face a stultifying market with tight supply and hesitant owners. From currency challenges and HKC yard compliance to creative deal structures in Dubai, this conversation offers real-time intelligence on how the region is adapting as 2025 closes.

Key Highlights:

• Current ship recycling prices and sentiment in India, Bangladesh, and Pakistan

• How currency volatility and Iranian steel imports are reshaping price competition

• India’s reliability through HKC-certified yards and compliance leadership

• The slow pace in Bangladesh and pre-election uncertainty

• Pakistan’s pricing correction and operational constraints

• Dubai’s evolving role as a hub for structured and leaseback recycling deals

• Forecast for early 2026 and expected tonnage flow

Despite the slowdown, disciplined owners and compliant yards continue to anchor confidence in the region’s green ship recycling ecosystem.

Global Market Overview October ended with more tricks than treats. The Baltic Dry Index slipped 1.3 percent week-on-week and nearly 8 percent for the month, marking its first monthly drop since April. Oil eased almost 1 percent to around USD 60.67 per barrel as OPEC+ announced fresh Q1 2026 cutbacks. A temporary U.S.–China trade truce brought brief relief, but volatility and policy uncertainty persist.

Limited vessel supply kept yards mostly idle, with buyers hesitant to commit amid falling plate prices and a widening two-tier market for sanctioned ships.

Bangladesh Chattogram showed faint sparks as a few hungry recyclers chased prompt deals, but domestic steel demand failed to ignite. Local plate levels slipped USD 3 to USD 529.50 per ton, and the taka weakened to BDT 122.37 per USD. HKC certifications continue to climb, with 21 yards expected to be approved by year-end, a bright spot in an otherwise subdued market.

India Alang faced another quiet stretch as the rupee dropped 1.25 percent to INR 88.70. Steel prices ended flat, while discounted sanctioned vessels pushed legitimate bids lower, unsettling buyers and widening the pricing gap. Inflation remains low at 1.54 percent, hinting at potential relief through cheaper financing if confidence returns.

Pakistan Gadani recyclers endured renewed “imports ire.” Cheap Iranian steel and a lack of HKC-compliant yards kept activity muted despite plate values roughly USD 230 above India’s. The PKR closed at 283.17 per USD as margins tightened and sentiment weakened.

Turkey Aliaga continued to face a supply pinch. Local recyclers raised offers slightly to attract owners, but the lira slid to TRY 42.06 and inflation rose above 33 percent. With few vessels arriving, operational pressure remains heavy.

Market Sentiment As we sail into November, recyclers confront familiar headwinds: weak demand, currency stress, HKC uncertainty, and a vanishing pipeline of ships. Whether markets rebound or remain haunted will define the rest of 2025.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

As South Asia experiences slower activity and price corrections, Indian recyclers are showing remarkable patience and readiness. With over 110 Hong Kong Convention–compliant yards, India remains the preferred destination for safe and transparent ship recycling. Kiran discusses how the industry is maintaining full operational capability, managing staff and infrastructure, and preparing for a modest recovery heading into year-end 2025.

Key Highlights: • Current pricing correction and sentiment across Alang • How Indian yards maintain full staff and HKC compliance during slow phases • Challenges in negotiations between shipowners and end buyers • India’s continued global leadership with over 110 HKC-certified yards • Outlook for Q4 2025 and early signs of recovery post-Diwali • Kiran Thorat’s message to the global ship recycling community

India’s steady, compliance-driven approach continues to anchor confidence in global ship recycling. With disciplined operators, transparent processes, and a focus on safety, Alang remains at the forefront of responsible ship dismantling and green steel recovery.

Follow GMS Podcasts for market intelligence and regional updates from our country heads in Asia, the Middle East, and Europe. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

Global Market Overview Markets slowed across the board as the Baltic Dry Index slipped about 3.2% to its lowest level since early October. Oil prices found mild traction, firming to USD 62.14 per barrel, up roughly 1% on expectations of a possible China–U.S. trade deal. Inflation in the United States rose to 3%, while sanctions and tariff pressures added further uncertainty.

Recycling prices across the Sub-continent continued to fall, with levels below USD 400 per LDT now widely discussed. Supply of tonnage remained extremely limited, leaving yards mostly idle despite steady freight markets.

Bangladesh Chattogram showed sporadic activity with a few larger LDT units drawing attention, including LNG carriers PUTERI NILAM and PUTERI DELIMA sold en bloc on private terms, and bulker MONICA P (7,779 LDT) sold at USD 380 per LT LDT “as is” Belawan. The Taka weakened to BDT 122.35, while local steel plate slipped another USD 3 per ton. Elections scheduled for February 2026 continue to shape local sentiment.

India Alang endured another quiet week as Diwali holidays passed with little recovery. Steel plate prices remained near USD 389 per ton, and the rupee closed at INR 87.54. More than 100 HKC-certified yards remain empty, as prices for clean tonnage fall below USD 400 per LDT and the arrival of shadow-fleet vessels further depresses sentiment.

Pakistan After recent optimism, Gadani slowed again due to an influx of cheap Iranian scrap steel. Local recyclers hesitated to offer on limited tonnage as plate prices held near USD 614 per ton. The rupee weakened to PKR 283.50 per USD. Larger dry units remain preferred, while smaller vessels are avoided amid certification delays.

Turkey Little movement was recorded in Aliaga as the Lira slipped to TRY 42.08 per USD and local steel values remained largely unchanged. Offers stayed within USD 250–270 per LDT as sentiment stayed weak.

Market Sentiment With October ending, global freight remains firm and oil prices higher, but the recycling sector continues to face record-low supply, fading prices, and growing uncertainty.

For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.

With steel prices easing to the high USD 300s and limited recycling activity across the subcontinent, Japan remains focused on responsible recycling, IHM maintenance, and the gradual adoption of the GMS Sustainable Ship and Offshore Recycling Program (SSORP).

Key Highlights:

• Current market pricing and activity across Japan and South Asia

• Japanese owners’ disciplined approach to recycling and compliance

• The growing role of SSORP in IHM and sustainable ship management

• Outlook for steam turbine LNG carrier recycling in 2025–2026

• How GMS supports owners with structured and compliant recycling strategies

Japan’s calm and deliberate market strategy offers valuable insight into how long-term vision and technical integrity continue to guide responsible ship recycling.

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Global Market Overview Freight markets strengthened slightly as the Baltic Dry Index gained just over 1%, supported by Capesize, Panamax, and Dry segments. Oil prices continued to slide, closing near USD 57.38 per barrel, down 8% month-on-month and 18% year-on-year. Currencies stayed under pressure across the Sub-continent: the Indian rupee hovered near Rs 88.02 per USD, the Pakistani rupee weakened to PKR 283.6, the Bangladeshi taka slipped to BDT 122, and the Turkish lira traded close to TRY 42. Steel plate prices fluctuated across regions, with India around USD 389 per ton, Pakistan steady near USD 614, and Bangladesh holding around USD 519.

Bangladesh After brief optimism, Chattogram slowed again. Local recyclers paused new purchases despite steel holding near USD 519 per ton and the taka weakening to BDT 122 per USD. Inventories continued to build while the market waited for political clarity and a new government direction.

India Alang remained quiet as steel plates fell to USD 389 per ton and the rupee traded near Rs 88 per USD. Over 120,000 LDT of vessels arrived, but buyers mostly stayed away ahead of Diwali. Sentiment remains weak despite steady arrivals.

Pakistan Inflation and cheaper Iranian steel imports pushed domestic plate prices down to USD 614 per ton. The rupee depreciated to PKR 283.6 per USD, and no yards have yet achieved Hong Kong Convention accreditation. Most buyers remain cautious and on hold.

Turkey The Turkish lira closed around TRY 42 per USD. Offers were steady, but activity was limited as the year-end approaches and tonnage supply remains tight.

Market Sentiment Volatility, inflation, and regulatory uncertainty continue to shape the global ship recycling landscape. India faces pricing pressure, Bangladesh is cautiously reawakening, Pakistan struggles with inflation and compliance, and Turkey stays muted.

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Gyungbae explains how falling steel prices, fluctuating currencies, and uneven regional demand are reshaping the recycling landscape. With freight markets still firm, most Korean owners are keeping vessels trading and preparing for future compliance under the Hong Kong Convention.

Key Discussion Points

• Market Pulse: steel prices under pressure with India around USD 390 per ton, Bangladesh USD 520, and Pakistan USD 610 per ton

• Currency Impact: a weakening Indian rupee near 89 per USD is keeping buyers cautious across South Asia

• Owner Strategy: Korean shipowners continue trading longer amid firm freight rates with limited tonnage recycled in recent months

• Compliance Focus: increased attention on HKC certified yards as ESG reputation drives recycling decisions

• Regional Outlook: India remains active but soft, Bangladesh cautious, and Pakistan strong on pricing but lacking HKC certification

• Forecast: a quiet end to 2025 expected with more recycling likely once freight softens and prices stabilize

From Seoul to shipyards across the subcontinent, the message is consistent. Trade now, recycle responsibly later.

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Global Market Overview • Global markets endured a turbulent week as renewed Middle East tensions and wider economic jitters weighed on sentiment. • Oil prices fell further to around USD 59.81 per barrel, nearly 18 percent lower than the same time last year. • The Baltic Dry Index rose slightly by 13 points, supported by Capesize and Panamax gains, while smaller vessels softened overall. • Currencies remained under pressure across the sub-continent, with the Indian rupee approaching 89, the Pakistani rupee at 283.20, and the Turkish lira at 41.82 to the dollar. • Steel plate prices fluctuated across regions, with most markets showing mild declines through the week.

Regional Highlights

Bangladesh: Activity is finally showing signs of recovery after nearly two quarters of an HKC-induced standstill. A few well-priced sales, including a Capesize bulker, were concluded from cash-buyer inventories as local recyclers with open credit lines returned to action. The Taka weakened to about BDT 121.55 per USD, and steel plates held steady near USD 519 per ton. Market sentiment is cautiously improving as attention shifts toward national elections scheduled for early 2026.

India: Fundamentals continue to weaken. Steel prices slipped another USD 7 per ton to around USD 391, while the rupee eased to Rs 88.75 per USD, moving closer to the Rs 90 mark. Despite this, activity stayed strong with more than 10 vessels totaling nearly 120,000 LDT arriving in Alang this week, including the Bow Cedar and Shaurya II. India remains the region’s volume leader but continues to face pricing pressure.

Pakistan: The headline says it all: War = 2 / HKC = 0. Despite adopting the Hong Kong Convention more than eight months ago, no yard has yet achieved accreditation. Ongoing border tensions and tariff uncertainty are straining local economics. The Pakistani rupee weakened to PKR 283.20 per USD, while steel plates eased to about USD 616.80 per ton. With little new tonnage arriving, Gadani yards remain largely inactive.

Turkey: The Turkish lira lost another 30 basis points to close at TRY 41.82 per USD. Although local recyclers remain relatively steady, tonnage availability is limited as most deep-sea units continue heading for sub-continent destinations instead of EUSRR-regulated yards.

Market Sentiment: Volatility, political uncertainty, and fluctuating currencies continue to define the ship-recycling landscape. India holds the fort, Bangladesh is gradually reawakening, Pakistan struggles with instability, and Turkey keeps sliding lower.

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Oil prices have fallen to around 60 dollars per barrel, freight indices have slipped, and steel markets remain uneven across the subcontinent. Despite that, Greek owners continue to keep their ships trading rather than recycling, with many expanding into Russian oil routes to capture stronger earnings.

Key Discussion Points

• Freight and oil softness: how Greek owners are adjusting their trading strategies

• India: active market under currency and steel pressure, with rupee near 88.7 per dollar

• Pakistan: higher plate prices near 620 dollars per ton, but HKC certification still pending

• Bangladesh: limited activity despite 18 HKC-approved yards and more upgrades on the way

• Greece: why owners are focusing on trading opportunities over recycling in Q4

• Market outlook: how geopolitics, currencies, and trade shifts may shape early 2026

From Athens to Alang and Gadani, the signal is clear. Owners are holding on to ships as long as trading income stays ahead of recycling prices, keeping tonnage supply thin as the year closes.

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Global Market Overview

• Global trading indices fell by about sixteen percent, marking the sharpest weekly decline since January. • Oil prices eased to around sixty dollars per barrel, about twenty percent lower than the same time last year. • Currencies remained under pressure, with the Indian rupee near eighty-nine, the Pakistani rupee around two-hundred eighty-three, and the Turkish lira at forty-one point seven to the dollar. • Steel prices stayed mixed. India slipped to about four-hundred and two dollars per ton, Bangladesh held near five-hundred and twenty, and Pakistan stayed firm around six-hundred and twenty.

Regional Highlights

Bangladesh: Activity remained limited as local yards stayed mostly idle. The market continues to absorb the impact of HKC upgrades, limited supply, and political uncertainty. Steel prices held steady near USD 520 per ton.

India: Alang faced another difficult week. The rupee reached a record low of eighty-eight point seven-four, and domestic steel fell to about USD 402 per ton. One sale was reported, the Bow Cedar from Odfjell, at USD 940 per LDT supported by strong stainless-steel content.

Pakistan: Prices remain the highest in the region at roughly USD 620 per ton, but large LDT units remain scarce. Inflation increased to 5.4 percent and HKC approval work continues at Gadani.

Turkey: The Turkish lira weakened to about TRY 41.7 as inflation crossed thirty-three percent. Local recyclers continue to face tight financing and limited tonnage availability heading into the fourth quarter.

Market sentiment stayed weak through the start of October as declining fundamentals, currency pressure, and limited supply weighed on all major recycling destinations.

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Key discussion points:

• How recycled steel compares with conventional steel in reducing emissions

• The European Union Ship Recycling Regulation (EUSRR) vs. the Hong Kong Convention (HKC)

• Why South Asia’s decades-long experience in ship recycling matters

• The environmental and cost impact of diverting ships to Europe

• The role of ESG requirements and transparency in shipowner decision-making

This episode provides context for shipowners, policymakers, and stakeholders seeking clarity on global recycling standards and the future of sustainable shipping.

Global Market Overview

• Dry bulk freight turned volatile: Baltic Dry Index ended the week with a net 2.5 % gain, driven by Capesize strength of about 5.5 %, even as daily readings slipped late in the week.

• Oil softened: WTI crude fell 1 % to around USD 65 per barrel, pressured by Kurdistan resuming crude exports after 2.5 years.

• Currencies weakened: Indian rupee dropped to INR 88.62, Bangladesh taka to BDT 122.04, and Turkish lira to TRY 41.58; only the Pakistani rupee strengthened, to PKR 282.50.

• Steel plate prices mostly flatlined, except India slid USD 15 to USD 409.20 per ton, weighing on sentiment.

Bangladesh Chattogram stayed the quietest sub-continent market. Recycled steel failed to move, and larger LDT tonnage kept diverting to competitors. The taka closed at BDT 122.04, while 18 yards are HKC-compliant with more approvals expected next month.

India Alang faced a tough week. The rupee weakened to INR 88.62, briefly near 89, and steel prices dropped to USD 409.20 per ton. Some speculative deals, like the 4,810 LDT container Niigata Trader at USD 480/LT LDT, look stretched as fundamentals deteriorate. Ongoing U.S. tariffs and sanctions continue to cloud Q4 prospects.

Pakistan Gadani brightened the regional picture. Several bulkers changed hands, including Rising Harrier at USD 445/LT LDT and Puteri Kirana at USD 390/LT LDT (“as is” Surabaya). Strong local steel prices and a PKR strengthening to 282.50 support momentum, even as HKC compliance work continues.

Turkey Activity remained subdued. The lira slipped to TRY 41.58, and local steel prices edged lower, keeping sentiment soft.

Beach Breakdown With freight rates mixed and steel prices uneven, regional ship-recycling markets show a clear disconnect between fundamentals and bidding.

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Freight markets gained 3.6% this week, even as the Baltic Dry Index showed panamax and supramax segments down about 2%-3%. Capesize vessels rose about 1% and tanker freight rates improved, especially on the crude side. These conditions are delaying recycling as owners extend trading for older ships.

Key Discussion Points

• Freight versus recycling: why strong earnings are keeping vessels over 30 years in service

• India: active market with steel price swings and an INR near USD 88.66

• Bangladesh: small LDT vessels, HKC paperwork, limited rolling mill demand and elections in 2026

• Pakistan: highest plate prices near USD 619 per ton but slow HKC approvals and no new arrivals

• Turkey: weaker Lira at 41.41 per USD, lower import steel prices, EU yard slots extending to 2026

From Athens to the Indian subcontinent and Turkey, the signal is clear. Owners continue to earn from trading while recycling remains on hold until freight weakens.

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Global Market Overview

• Freight activity stayed mixed as the Baltic Dry Index held steady: Capesize gained about 1 percent, while Panamax and Supramax fell nearly 2 percent and 3 percent.

• Oil prices moved only slightly higher, with WTI crude closing at USD 62.74 per barrel, still down 1.4 percent for the month and 10.8 percent year on year.

• Currency markets softened: Indian rupee firmed to INR 88.09, Pakistani rupee to PKR 283.44, Bangladeshi taka to BDT 121.74, while Turkish lira slipped to TRY 41.41.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 619 per ton, Bangladesh USD 519 per ton.

Bangladesh Activity remains sporadic. Recyclers focused on larger LDT and LNG units as smaller ships drew little interest. One fresh LDT tanker arrival broke the quiet. The taka eased to BDT 121.74 and steel plate prices held at USD 519 per ton. With February 2026 elections ahead and infrastructure demand weak, most recyclers stay cautious.

India Alang stayed the busiest yard, recording about 84 K LDT of arrivals including several OFAC-listed or sanctioned units that other markets rejected. Prime Minister Modi’s visit to Bhavnagar caused partial shutdowns, but demand held firm. The rupee strengthened to INR 88.09 and steel plate prices remained flat at USD 448 per ton. India continues to lead LNG recycling sales.

Pakistan Gadani logged a third straight week of no arrivals. DASR certification and slow Hong Kong Convention yard upgrades continue to limit activity. Still, fundamentals are strong: PKR strengthened to 283.44 and steel plate prices remain near the industry high at USD 619 per ton. Progress on HKC compliance could allow a market rebound later this year.

Turkey The market remained quiet. The lira weakened further to TRY 41.41, import steel prices fell for a second consecutive week, and recycling activity stayed minimal.

Beach Breakdown Global freight markets steadied and steel prices were unchanged. India saw the most arrivals, Bangladesh stayed selective, Pakistan waited for yard approvals, and Turkey remained subdued.

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Henning explains how high charter rates and steady freight earnings across bulkers, tankers and container feeders keep ships active while recycling yards wait. With the Baltic Dry Index up 7.4 percent, crude holding near USD 62.74 per barrel and strong time charter demand, owners are locking in long term charters, forward deliveries and sale and leaseback deals to capture today’s cash flows.

• Trading vs. Recycling: why strong earnings mean no tankers or bulkers heading for recycling in the near term

• Market Numbers: steel plate prices at India USD 448 per ton, Pakistan USD 625, Bangladesh USD 519, with the Indian rupee in the high 88s per USD and the Pakistan rupee around 284

• Owner Strategy: efficient maintenance, creative financing and forward deals to hedge revenue and extend vessel life

• Future Outlook: what would trigger a sudden shift from trading to recycling and how HKC approved yards in the Indian subcontinent or Turkey fit long term plans

From Hamburg boardrooms to global yards, the message is consistent: earn now, recycle later until freight softens.

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• Freight activity strengthened as the Baltic Dry Index rose 7.4 percent, with Capesize up 1.0 percent, Panamax 0.4 percent, and Supramax 0.5 percent.

• Oil prices moved higher, with WTI crude closing at USD 62.74 per barrel.

• Currency markets weakened: Indian rupee fell to INR 88.28, Pakistani rupee to PKR 284, Bangladeshi taka to BDT 122.02, and Turkish lira to TRY 41.33.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 625 per ton, Bangladesh USD 519 per ton.

Conditions remain bleak. Political uncertainty and slow Hong Kong Convention approvals continue. Only one 30 K LDT LNG carrier arrived. Recyclers face unsold inventories, and although inflation eased to 8.28 percent, ship recycling activity remains minimal.

Alang saw an influx of more than 155K LDT, including two large 33K LDT LNG carriers and several tankers. Despite this, a record-low rupee and tariff concerns kept buyers cautious. Steel plate prices held at USD 448 per ton and overall sentiment stayed restrained.

Gadani recorded no arrivals for the second week. Plate prices remained high at USD 625 per ton. Provisional DASRs and slow Hong Kong Convention yard upgrades kept buyers ready but inactive. The Pakistani rupee weakened to PKR 284.

Activity stayed quiet. Red tape remains an issue, the lira slipped to TRY 41.33, and no market sales were reported.

Freight markets strengthened and steel prices were unchanged. India had notable LNG arrivals, while Bangladesh, Pakistan, and Turkey experienced another subdued week.

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The conversation starts with Canada’s Deep Water Recovery case in British Columbia, where regulators found repeated toxic discharges of heavy metals such as copper and lead, weak pollution controls, and long legal disputes. This case illustrates the environmental and business risks of recycling a vessel without strong oversight and clear waste-handling systems.

Dr. Anand then takes listeners to Alang, India, where more than one hundred ship recycling yards are certified under the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) and many also meet EU Ship Recycling Regulation standards.

Key insights include:

• How HKC yards build a Ship Recycling Plan from a detailed Inventory of Hazardous Materials before a vessel arrives.

• Use of impermeable flooring and closed drainage to capture and treat oil, paint scrapings and wash water, preventing ocean contamination.

• Worker training and ISO 45001 safety systems, with protective equipment, insurance and family health coverage.

• Independent audits by ClassNK, Lloyd’s Register and other IACS members, ensuring constant compliance instead of slow court battles.

• Circular economy benefits: re-rolling 75 percent of hull steel cuts energy use by about 58 percent and avoids around 1.6 tonnes of CO₂ per tonne of steel compared with melting in European dry docks.

• Regulated removal and off-site treatment of hazardous waste such as asbestos.

Dr. Anand explains why HKC-compliant beaching in Alang can match or exceed dry-dock recycling in environmental performance, while offering the scale and steel reuse rates global shipping needs.

For ship owners, cash buyers and maritime professionals, this episode provides practical guidance on choosing a ship recycling destination that is verifiably safe, cost-effective and climate-friendly.

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Discussion highlights include:

• India’s recycling activity facing pressure from a weakening rupee near 88, new tariffs and steady steel prices around 430 dollars per ton, while maintaining more than 100 HKC-compliant yards
• Pakistan’s steady rupee at approximately 283, plate prices rising to about 625 dollars per ton, and a 12 billion rupee plan to create a model green yard cluster at Gadani by 2026
• Bangladesh’s slowdown with steel at about 519 dollars per ton, only 21 active yards despite 18 HKC approvals, and political focus on elections scheduled for early 2026
• Freight support that keeps bulk carriers trading and delays supply, while older crude and product tankers in the Middle East approach the end of their trading life
• The impact of the Hong Kong Convention as IHMs, recycling plans and yard checks become standard, adding process steps but lowering risk
• Dubai’s role in structuring forward deliveries, leasebacks and other value unlocking strategies for regional owners

This episode provides detailed market intelligence for shipowners, brokers and recyclers navigating currency risk, regulatory change and freight dynamics.

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Global Overview:

• Baltic Dry Index at 1,979, up 0.8%, though overall freight slid 2.3%.

• Oil prices extended losses: WTI settled at USD 61.9 per barrel.

• Currency shifts: Indian rupee at record lows in the 88s, Pakistani rupee steady at PKR 283.52, Bangladeshi taka slipped, Turkish lira at TRY 41.25.

• Steel plate prices: India flat at USD 448.88/ton, Pakistan firm at USD 625.44/ton, Bangladesh down sharply to USD 519.59/ton.

Bangladesh: No fresh arrivals. Steel imports pressured prices, down over USD 21 this week. Only 21 operational yards remain, down from 35. Political uncertainty ahead of the 2026 election continues to stall Chattogram.

India: Double jeopardy with tariffs and sanctions driving the rupee into record lows. Steel plate prices stuck at USD 448.88/ton. Despite over 100 HKC-approved yards, only one small cargo unit arrived recently. Alang remains busy on paper but is struggling in practice.

Pakistan: Gadani stayed the best-placed market with firm plate prices at USD 625.44/ton and stable currency at PKR 283.52. A USD 42 million government initiative aims to deliver 31 eco-compliant yards by 2026. Fundamentals solid, but no new arrivals this week.

Turkey: No recovery in sight. Plate prices slipped, the lira weakened to TRY 41.25, and sentiment remains weak.

Beach Breakdown: Bangladesh silent, India pressured, Pakistan stable but waiting, Turkey still struggling.

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Hosted by Vagelis Chatzigiannis, Head of the GMS Greece Office, with insights from Jamie Dalzell, Head of the GMS Singapore Office, the episode covers the factors driving both opportunities and risks in the recycling market.

Discussion highlights include:

• India’s continued activity with more than 110 HKC-certified yards, supported by compliance and international credibility despite currency volatility

• Pakistan’s position as the regional price leader with strong plate values and currency stability, but limited concluded deals

• Bangladesh’s slowdown driven by flat plate prices, high inflation, and political uncertainty ahead of elections

• The role of the Baltic Dry Index and stronger freight earnings in delaying ship supply across bulkers and containerships

• The increasing importance of compliance, IHM documentation, and sanctions risk for international owners

• Market expectations for tankers, LNG carriers, and broader regional competition heading into Q4

Flash Forecast:

• Most likely ship type to recycle next month: tankers

• Preferred destination today: India for compliance, Pakistan for pricing

• Biggest current risk: currency volatility in South Asia

This episode provides straightforward insight into how shipowners and recyclers are balancing compliance, currency, and capacity challenges.

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Global Overview:

• Oil held steady with WTI at USD 64 and Brent at USD 68.

• The Baltic Dry Index closed at 2,025, the strongest in a month, led by Panamaxes and Supramaxes while Capes slipped.

• Supply of recycling candidates slowed, with only a handful of fresh arrivals.

• India’s rupee collapsed to record lows, while Pakistan and Bangladesh currencies stayed steady.

• Steel plate prices: India USD 449/ton (up), Pakistan USD 622/ton (steady), Bangladesh USD 542/ton (flat).

Bangladesh:

• No new arrivals for the second straight week, keeping Chattogram silent.

• HKC compliance hurdles and weak demand weigh on sentiment.

• Inflation above 8 percent, steel plate at USD 542/ton, and Taka steady at 121.7.

• Larger LDT units still draw some attention, smaller vessels diverted to India or Pakistan.

India:

• Remains the busiest recycling destination, logging seven vessels, three of which were new arrivals.

• Steel plate climbed to USD 449/ton, but the rupee collapsed to 88.3 against the dollar.

• HKC-ready yards remain a strength, with Alang able to handle compliant tonnage.

• Recyclers are cautious despite activity, hedging against costs and currency pressure.

Pakistan:

• Logged one vessel, but Gadani remains the best-priced market.

• Plate prices steady at USD 622/ton, the highest in the region.

• Currency stable at PKR 281.8, supporting margins.

• DASR approvals keep recyclers hungry and positioned for larger LDT units.

Turkey:

• Weak sentiment continues as both lira and plate prices slipped.

• Prices now USD 250–270/ton across vessel types.

• Market remains the least attractive among the four destinations.

Beach Breakdown:

• Bangladesh: silent

• India: active but cautious

• Pakistan: stable with buyers waiting

• Turkey: still struggling

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Jamie Dalzell, Head of the GMS Singapore Office, speaks with Kiran Thorat, Head of the GMS India Office, about how Alang’s recyclers are navigating shifting prices, U.S. tariffs, sanctions risk, and growing international scrutiny while still maintaining India’s leadership in global ship recycling.

The discussion covers:

• Current pricing spreads across India, Pakistan, and Bangladesh, with Pakistan leading but India offering stability

• How compliance and HKC-certified yards keep India attractive to international shipowners

• The rise of LNG and tanker recycling in Alang, and how India manages complex vessels safely

• The impact of U.S. tariffs, sanctions, and Chinese steel exports on India’s market and plate prices

• Regional outlook: Bangladesh’s flat market, Pakistan’s comeback, and India’s compliance advantage

• Flash Forecast: Most likely ship types, destination choices, and biggest risks heading into Q4

From LNG carriers to overaged tankers, Kiran shares frontline insight into how India is balancing opportunity and risk in today’s volatile market.

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Global Overview:

• Oil edged up 0.2% to USD 63 per barrel as Ukraine conflict pressures continued.

• The Baltic Dry Index rose 2.7%, with gains across capes, panamaxes, and smaller segments.

• Supply of recycling candidates remains limited despite recent LNG and tanker arrivals.

• Prices have cooled and are holding at lower post-HKC levels.

Bangladesh:

• Market flat with no new arrivals or deliveries reported.

• Demand for smaller LDT units is absent, while only select large capes draw interest.

• Recycled steel continues to stockpile as mills import cheaper raw material.

• The Taka weakened to 121.65 against the dollar.

• Economic and political uncertainty persists, keeping buyers away.

India:

• Alang remains the busiest and most reliable recycling destination despite sanctions and tariff pressure.

• About 140,000 LDT currently at anchorage or delivered, including another LNG and tanker.

• Steel prices improved slightly to USD 436 per ton; the Rupee firmed to 87.33.

• Concerns remain about Chinese steel imports undercutting domestic values.

Pakistan:

• Still offering the highest prices in the region at USD 622 per ton.

• Market activity is muted with limited arrivals and few workable candidates.

• Yards with DASRs are holding back for larger vessels.

• The Rupee strengthened to 283.15, but inflation and investor outflows add risk.

• Pakistan remains the best-priced location for quick deals if supply improves.

Turkey:

• The Lira slipped again to 40.91, briefly above 41.

• Government imposed a ban on direct vessel calls to and from Israel, cutting supply potential.

• Inflation is easing, but Aliaga’s yards remain without new arrivals.

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Jamie Dalzell, Head of the GMS Singapore Office, speaks with Leo Liu, Head of the GMS China Office, about how Chinese shipowners are managing ship recycling under the Hong Kong Convention (HKC) and how regional market conditions are shaping their decisions.

The discussion covers:

• Why Chinese shipowners extend vessel lifespans and keep recycling volumes low

• HKC compliance among state-owned and private owners with international exposure

• Current vessel types moving to recycling including handy and small bulkers, coastal ships, and feeder containerships

• Pricing outlook with LDT values ranging from 405 to 455 USD and why sellers remain cautious

• Market updates from Bangladesh, India, and Pakistan and what these mean for Chinese sellers

From bulk carriers to feeder containerships, Leo shares insight into how Chinese shipowners approach recycling, sales, and compliance.

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Global Overview:

• Trump–Putin meeting in Alaska keeps oil markets on edge.

• Oil slipped 2% to USD 62.80/barrel.

• Baltic Dry Index rose 0.25%, now over 7% higher year-to-date.

• Vessel supply remains thin; tonnage inflows likened to a “band-aid” for a long-term shortage.

• Focus shifts to HKC compliance and facility upgrades amid ongoing regulatory challenges.

Bangladesh:

• Market stuck in a summer slumper.

• Five vessels totaling 52,000 LDT arrived, including a 21,000-ton bulker.

• Steel plate prices collapsed USD 9/Ton to USD 540 as mills import cheaper feedstock.

• Taka stabilized at 121.35 with central bank support.

• Inflation rising again, elections not until February 2026. Market remains weak for smaller units.

India:

• Sanction Caution as authorities arrested sanctioned vessels arriving at Alang.

• Despite this, India remains the most stable and HKC-compliant destination, attracting blue-chip owners.

• Over 81,000 LDT at anchorage this week, including another cape and a tanker.

• Rupee firmed slightly to 87.53.

• Inflation eased to 1.55%, and S&P upgraded India’s credit rating to ‘BBB’ - boosting confidence.

Pakistan:

• DASR Dominates - provisional certificates keep Gadani active.

• Four ships totaling 16,000 LDT arrived, including a woodchip carrier.

• Steel plate prices surged to nearly USD 622/ton, the highest in the region.

• Rupee eased to 283.55.

• Pakistan now the best-priced market, especially for dry bulk units and mid-sized vessels.

Turkey:

• Lira slipped again to 40.90 against the U.S. dollar.

• Inflation fell sharply to 33.5% from 61.8% last year, but Aliaga’s yards remain quiet with no new arrivals.

The GMS Weekly remains the definitive source for ship demolition pricing, steel plate trends, HKC compliance updates, and port-by-port activity across the Indian subcontinent. Trusted by ship owners, cash buyers, recyclers, traders, and analysts worldwide.

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Jamie Dalzell, Head of the GMS Singapore Office, speaks with Amit Malhotra, Head of the GMS Japan Office, about how Japanese shipowners are responding to the Hong Kong Convention (HKC), their plans for Inventory of Hazardous Materials (IHM) compliance, and the factors shaping future recycling volumes.

The discussion covers:

• How HKC enforcement is influencing Japanese owners’ compliance timelines

• IHM preparation requirements, costs, and service options

• Yard availability and certification trends in the Indian subcontinent

• Market conditions driving potential recycling candidates, including PCCs, wood chip carriers, and LNG vessels

• How GMS structures flexible and value-driven deals for owners of vintage assets

From shifts in PCC trade patterns to upcoming newbuild deliveries, Amit shares insights on where the next wave of Japanese recycling may come from and how GMS is supporting owners through planning, compliance, and execution. Follow GMS Podcasts for updates from our teams in Japan, Korea, Greece, the Middle East, and other major shipping hubs.

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• Global overview: Liberation Day tariffs from April are now in effect, impacting India and other key destinations. Oil prices dropped 5% to USD 63.90 per barrel. The Baltic Dry Index rose over 2%, led by a 4.3% Cape index gain. Currency movements were mixed: the U.S. Dollar strengthened against the Indian Rupee, Pakistani Rupee, and Turkish Lira, but weakened against the Bangladeshi Taka and Chinese Yuan.

• India: 50% export tariffs to the U.S. and sanctions linked to Russian trade weigh on sentiment. The Rupee closed at Rs 87.50. Steel prices fluctuated but ended flat. Alang received 6 vessels totaling nearly 57,000 LDT, including large bulk carriers and LNG units. India remains a key HKC-compliant recycling hub.

• Pakistan: Gadani leads regional pricing with steel plate at USD 615/Ton. Provisional DASR certificates allow select yards to bid. A nearly 9,000 LDT woodchip carrier arrived this week. The Rupee eased to PKR 283.60.

• Bangladesh: HKC-certified yards are re-entering the market after completing recent deliveries. Four vessels totaling about 30,000 LDT arrived in Chattogram. The Taka firmed to BDT 121.37.

• Turkey: Lira weakened to TRY 40.76. No new arrivals or market sales reported.

The GMS Weekly provides detailed ship demolition pricing, port-by-port vessel positions, steel plate price trends, and HKC compliance updates. This content is relevant for ship owners, cash buyers, recyclers, traders, and maritime analysts monitoring the Indian sub-continent ship recycling markets.

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The discussion covers the increasing number of older Korean-owned LNG carriers being sent for recycling, the country’s readiness for Hong Kong Convention compliance, and shifts in secondhand trading patterns. Listeners will gain a clear view of how local market dynamics connect to global ship recycling and sale & purchase activity.

Key points discussed in this episode include:

• Recycling trends in Korea’s LNG sector

• HKC compliance readiness and yard options

• Secondhand market activity and pricing outlook

This episode offers local insight with global market relevance, helping industry players navigate recycling, compliance, and asset sales in one of the world’s key maritime hubs.

This episode offers local insight that supports strategic planning for recycling, fleet renewal, and compliance in one of the world’s key maritime hubs.

Follow GMS Podcasts to hear more from our country heads in Japan, Greece, the Middle East, and other major shipping markets.

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Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program (SSORP), hosts this conversation focused on regulatory progress and industry readiness in one of the world’s largest ship recycling hubs.

Key points discussed in this episode include:

• The current status of HKC implementation in Bangladesh

• Inventory of Hazardous Materials (IHM) requirements and enforcement mechanisms

• Rollout of DASR (Document of Authorization to conduct Ship Recycling) and the approval process

• Introduction of a proposed One-Window System for all ship recycling clearances

• Coordination with the Ministry of Industries, Department of Environment, Customs, and other stakeholders

• The roadmap to achieving more than 100 HKC-compliant yards by 2030

• Improvements in hazardous waste infrastructure and TSDF (Treatment, Storage and Disposal Facility) setup

• Health, safety, training, and insurance initiatives for workers

• The role of international support from IMO, JICA, and the Government of Norway

• Regional alignment and knowledge sharing with India, Pakistan, and Turkey

This episode highlights Bangladesh’s efforts to align ship recycling regulations with global standards while enhancing environmental performance and worker safety.

As one of the most significant recycling destinations globally, Bangladesh’s progress is key to the Convention’s success. This episode documents a vital step in making responsible and transparent ship recycling a global norm.

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We also track HKC procedural clarity, regional delivery updates, and what market participants can expect through August.

We cover:

• India’s Activity: Tankers and LNGs continue arriving at Alang. Despite currency pressure, HKC-certified infrastructure and strong non-ferrous demand keep India in focus.

• Pakistan Leads: Firm pricing and consistent steel fundamentals support new arrivals. The Rupee strengthens and provisional DASR yard upgrades add momentum.

• Bangladesh Slows: Minimal activity at the waterfront. Yard readiness remains mixed, and monsoon delays continue to affect operations.

• Turkey Stalls: The Lira weakens again. No new arrivals or sales reported.

Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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This episode explains how SSORP provides a full-cycle approach, from Inventory of Hazardous Materials (IHM) preparation to post-recycling documentation. It also highlights the program’s role in supporting yards across India, Bangladesh, and Pakistan, and the real-world systems that have been developed for compliance, supervision, and transparency.

Key discussion points include:

• The SSORP process, from vessel planning to final reporting

• How SSORP has provided technical assistance to yards seeking Hong Kong Convention Statements of Compliance

• Free safety awareness sessions conducted for over 10,000 yard workers in South Asia

• The importance of trained, on-site supervisors for monitoring dismantling and safety

• SSORP’s role in enabling the issuance of the first International Ready for Recycling Certificate (IRRC) under the new HKC regime

• How owners can meet ESG and investor requirements using verified, structured data from SSORP activities

This conversation is relevant to shipowners, compliance officers, financial institutions, and regulatory stakeholders navigating end-of-life vessel recycling in South Asia.

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We explore regional shifts, currency fluctuations, delivery timelines, and the broader impact of the Hong Kong Convention on subcontinent recyclers.

• India’s Momentum: Two Moss-type LNGs sold for over USD 640 per LDT. Alang receives over 107,000 LDT in one week, driven by non-ferrous-rich tonnage.

• Pakistan Holds Position: Gadani sees en bloc dry bulk acquisitions with bunkers onboard. Local steel prices remain high, and the Rupee shows modest recovery.

• Bangladesh Slows Down: No new arrivals reported. Delays in cutting permissions and weak domestic demand continue to affect sentiment.

• Turkey Remains Quiet: The Lira weakens further. No vessel arrivals, despite falling interest rates and slight economic easing.

• Freight market outlook as the Baltic Dry Index shows further gains

• How currency movements are shaping buyer behavior

• What to expect in August as HKC compliance increases across yards

Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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With overlapping rules from Basel, EUSRR, and flag states, many shipowners are still asking: Can I recycle this vessel safely, without facing legal or regulatory fallout?

Drawing from the GMS HKC Webinar Series, this episode features insights from Sveinung Oftedal, Nikos Mikelis, Anaëlle Boudry, and George Novak, who highlight the regulatory tension, legal risks, and practical workarounds for responsible shipowners.

Learn what really works and what to watch out for when navigating the global compliance maze.

Key Topics Covered:

• Why HKC isn’t enough on its own

• How Basel Convention and EU SRR create overlapping controls

• The role of flag states, port states, and OECD departure points

• What Article 11 means and why harmonization still lags

• How HKC-aligned ship recyclers are being penalized despite compliance

• What shipowners must document to stay legally protected

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We cover:

• Global Headwinds: Inflation ticks up, oil slides, and the Baltic Dry Index hits a 10-month high

• Regional Shake-Up: Pakistan leads pricing tables with new bulkers incoming; India holds firm with 100+ certified yards and fresh LNG tonnage; Bangladesh shows activity but struggles with documentation delays

• Turkey’s Retreat: The Lira freefalls past 40.40 while Aliaga ends the week empty-handed

Also in focus:

• Impact of Red Sea disruptions on container recycling

• Ongoing tariff threats and how they’re reshaping trading behavior

• Delivery delays and buyer sentiment shifts under HKC compliance hurdles

Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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This episode explains how ESG-aligned recycling, supported by frameworks like the Sustainable Ship and Offshore Recycling Program (SSORP), is reshaping how the industry defines success. With practical insights from shipowners, flag states, and financial institutions, listeners will understand how transparency, traceability, and verified metrics are now essential in maritime decision-making.

This conversation is relevant for shipowners preparing for green financing, insurers assessing risk, or regulators tracking how ESG moves from reporting to real-world implementation.

• ESG expectations in ship recycling and why they matter now

• How HKC compliance improves access to financing and insurance

• The role of SSORP in supporting audit-ready and verifiable reporting

• What stakeholders like flags and banks expect from shipowners today

• How data-driven ESG reporting can provide a competitive edge

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We cover:

• Rising macroeconomic tensions: Tariff threats on Bangladesh to Brazil, Turkish Lira cracks 40, and steel prices climb across the board

• Subcontinent dynamics: India stays steady with over 100 HKC-compliant yards and strong tonnage flow; Bangladesh hits sub-USD 400/LDT lows amid regulatory confusion; Pakistan books new tonnage with interim HKC certs

• A rare win for Turkey: Despite currency collapse, Aliaga concludes a general cargo vessel sale

Stay ahead with our insight into:

• Market pricing trends and sentiment shifts

• Regulatory adaptation under HKC

• Strategic options for owners and cash buyers

Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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Listeners will hear how yards across India, Bangladesh, Pakistan, and Türkiye are transforming, with hundreds now HKC-certified or actively upgrading to meet international standards. This episode explains how yard-level improvements, supported by Ship Recycling Facility Plans and third-party audits, contribute to global ESG goals and build trust across the maritime value chain.

The episode also highlights GMS’s Sustainable Ship and Offshore Recycling Program (SSORP), which supports recycling yards and shipowners alike through training, documentation, and carbon reporting, with verification by LRQA.

For shipowners, financiers, insurers, and regulators, HKC-ready yards offer more than compliance; they reduce risk, protect investments, and enhance transparency.

• Yard-level progress and capacity growth in key recycling countries

• Why HKC-compliant yards benefit owners, financiers, and insurers

• How SSORP supports ground-level implementation and ESG audits

• Real-world impact of cultural change, training, and certification

We cover:

• Macroeconomic pressures: oil at USD 66.5/barrel, inflation woes, and a falling Baltic Exchange.

• Subcontinent sentiment: India's predictability, Bangladesh's sub-USD 400/LDT offers, and Pakistan's early upgrade efforts.

• Turkey’s ongoing regulatory red tape and a fire incident dampening its yard activity.

Stay ahead with our analysis of:

• Regional pricing trends

• Compliance dynamics under HKC

• Where to position your vessels next

Subscribe to GMS Weekly for complete demo pricing, port-by-port breakdowns, and vessel intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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From compliance requirements to commercial benefits, this episode breaks down the practical steps shipowners must take now. Learn why an Inventory of Hazardous Materials (IHM) is essential, how to select an HKC-compliant yard, and where documentation plays a crucial role.

They also explore how the Sustainable Ship and Offshore Recycling Program (SSORP) supports owners through every stage, with verified ESG data, carbon footprint tracking, and certified procedures from LRQA.

If you are an owner, this episode is your roadmap to stay compliant, protect your brand, and lead the market shift toward responsible recycling.

Key Points:

• What HKC compliance means now that it’s in force
• Immediate action items for shipowners (IHM, yard selection, documentation)
• SSORP’s role in supporting full HKC compliance
• Commercial and ESG advantages for early movers

Next Episode:

How ship recycling yards are upgrading for HKC and what that means for the entire maritime chain.

Host Henning speaks with Dr. Nikos Mikelis and Dr. Anand Hiremath about what the maritime industry needs to prepare for now.

Key questions explored:

• What changes for shipowners, flag states, and recycling yards after June 2025
• How certified yards in India, Bangladesh, and Turkey are preparing
• Risks from overlapping regulations, especially Basel’s Ban Amendment
• Whether global capacity is enough to meet demand for compliant recycling
• The future role of technology, ESG reporting, and traceability tools
• What governments must do next to resolve legal uncertainty

This is an essential conversation for anyone involved in maritime operations, ESG, policy, or ship end-of-life planning.

Join the Final GMS Webinar: Charting the Future

On June 26, 2025, GMS is hosting a key live webinar session: “Charting the Future: Can the Competing Requirements of the Two Conventions Be Aligned?”

This session features international regulators, policymakers, and industry leaders discussing the HKC–Basel conflict and how to ensure a practical path forward.

Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg

One registration gives you access to all three parts of the webinar series.

Subscribe to the GMS Podcast and follow GMS on LinkedIn to stay informed.

Host Henning is joined again by Dr. Nikos Mikelis, a central figure in HKC’s development, and Dr. Anand Hiremath, Chief Sustainability Officer at GMS, who has been directly involved in transforming ship recycling yards in South Asia.

Topics covered in this episode:

• Why HKC did not enter into force until 2025
• Misconceptions about compliance costs and operational impact
• Real-world transformation of yards in India, Bangladesh, and Pakistan
• The role of audits, training, and classification societies in verification
• How HKC compares with the EU Ship Recycling Regulation and Basel Convention

This episode highlights the practical journey from policy to real change, based on over a decade of on-the-ground work.

Register for the GMS HKC Webinar Series

To mark the entry into force of HKC on June 26, 2025, GMS is hosting a three-part live webinar series titled: “HKC Compliance: What the Maritime Industry Needs to Know”

The first session, “From Convention to Transformation,” takes place on June 25, 2025.

Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg

Join leaders from across the maritime sector to explore lessons from implementation and what global compliance means moving forward.

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This episode launches the GMS exclusive podcast series on the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC).

Host Henning is joined by Dr. Nikos Mikelis, former senior official at the IMO and key contributor to the HKC, and Dr. Anand Hiremath, Chief Sustainability Officer at GMS, to explore:

• Why existing international regulations failed to address unsafe ship recycling

• What led the IMO to create a new, ship-specific framework

• How the Hong Kong Convention was developed from the ground up

• What “safe and environmentally sound” recycling actually means in practice

This episode provides critical background for understanding the Convention before it enters into force on June 26, 2025.

To mark this milestone, GMS is hosting a live three-part webinar series: “HKC Compliance: What the Maritime Industry Needs to Know”

The first session, “From Convention to Transformation”, takes place on June 25, 2025.

Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg

Join global maritime leaders, policymakers, and industry stakeholders as they discuss HKC implementation, legal conflicts with Basel, and the future of ship recycling.

Stay updated on future episodes by subscribing to the GMS Podcast and following GMS on LinkedIn.

Along the way you will hear why early movers such as Norway, Japan, and four pioneering Indian yards matter; how ClassNK helped craft practical yard procedures; and where the EU’s existing rules sit in the bigger picture.

Key points • Entry-into-force timeline and criteria • Benefits for owners, cash buyers and recycling yards • How HKC can deliver greener results than current EU regulation

Next episode: What shipowners need to do before 26 June 2025

Guests:

• Dr. Anand Hiremath, Chief Sustainability Officer, GMS
• Vishaal Raj Soni, CEO, Leela Group Ship Recycling Yards
• Vikram Purohit, Marine Surveyor & Senior Ship-recycling Specialist at Lloyd's Register

This week Jon Chaplin talks to GMS Trader Kamal Datta about the “plummet from the summit” in Bangladesh, the Indian recycling roller coaster, a resurgent Pakistan and the impact of the Russia / Ukraine conflict on oil and steel prices.

Confirmation last week of Norway’s first jail term handed down to a shipowner for illegal scrapping has turned the spotlight back on the laws governing ship recycling. “It’s a minefield,” admits Turner referring to both the reputation risk and the threat of conventional litigation “if [shipowners] don’t get it absolutely right.”

Quizzed on what shipowners can do to protect themselves when recycling, Turner draws a distinction between a negative and positive approach.

“If you don’t want to be held liable, which is the negative approach, you have to bear in mind that merely because you no longer own the ship when it is taken to the yard, that may not be an answer to a claim brought against you.” He goes on to say, that although not yet tested in court, owners may be able to protect themselves to some extent by “requiring that [the ship] goes to a yard that is Hong Kong certified.”

A more positive approach he says, is to consider your company’s ESG aspirations and “pick a yard that has a good reputation, the right certification” and consider engaging a compliance monitoring service to oversee the dismantling, noting that GMS offers clients’ a sustainable recycling package via its Sustainable Ship & Offshore Recycling Program (SSORP).

Turner says he has sympathy for shipowners with recycling decisions on the table. “You’ve got an asset which can realise some money at the end of its life” and suggests owners should plan accordingly as their vessels approach end of life. Owners who fall foul of the law and find themselves with their “foot in the trap” do so with their eyes open he says, now that “it’s perfectly possible to do the right thing”.

Changes in the way ships are recycled at the waterfront is happening “as recycling yards come to experience that there is money to be made in doing a job properly”. Turner points to “so much of the world’s tonnage” that will be pushed towards recycling in order to meet the climate change goals.

This week Jon Chaplin talks to GMS Senior Trader Vagelis Chatzigiannis about the challenges of scrap price volatility, market corrections, a return to confidence in Alang, and the reasons for prices edging towards an eye-watering USD 500/LDT in Turkey.