GMS Podcasts

GMS Weekly - Week 27 Recap: HKC In Force, Tonnage Tight, and India Leads

In this episode of GMS Weekly, hosts Henning, Ryan, Grace, and Ingrid break down the major market movements in global ship recycling for Week 27 (July 4, 2025). With the Hong Kong Convention now officially in force, South Asia's ship recycling landscape is shifting fast. India holds steady with over 100 HKC-compliant yards, while Bangladesh and Pakistan scramble to upgrade amid declining prices and tighter tonnage supply.

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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Hong Kong Convention Series | Episode 2 – Shipowners & the HKC: Prepare, Stay Ahead, and Leverage the Shift

In this second episode of the GMS Hong Kong Convention Series, Ingrid and Henning dive into what the HKC’s entry into force on 26 June 2025 really means for shipowners.

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.

 

Episode 3: Beyond the June Deadline – The Future of Green Ship Recycling

In the final episode of the GMS podcast series on the Hong Kong Convention, we look ahead to what happens after HKC enters into force on June 26, 2025. Will the Convention deliver its promise of safe and sustainable ship recycling globally? Or will legal conflicts with the Basel Convention slow down its impact?

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.

Episode 2: From Paper to Practice – Challenges and Realities of HKC Implementation

In Part 2 of the GMS podcast series on the Hong Kong Convention (HKC), we focus on what happened after the Convention was adopted in 2009. Why did it take 16 years to come into force? What practical and political challenges slowed down global adoption?

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.

Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.

Episode 1: The Origin Story of the Hong Kong Convention with Dr. Nikos Mikelis and Dr. Anand Hiremath

Episode 1: The Origin Story of the Hong Kong Convention

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.

 

Register for the GMS HKC Webinar Series

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.

Hong Kong Convention Series | Episode 1 – Changing Ship Recycling for Good

Ingrid and Henning kick off the GMS Hong Kong Convention Series with a clear look at how the new regulations will reshape ship recycling. They trace the story from adoption in May 2009 to the moment the final ratifications locked the Hong Kong Convention into force on 26 June 2025.

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

How is Heidmar preparing for the future of Maritime

Pankaj Khanna, CEO of Heidmar Shipping, speaks about how the company is preparing for the future of maritime. Pankaj shares his insights on the challenges the industry faces and what Heidmar is doing to address them.

What’s going on in Alang?

Three ship recycling experts offer a frank assessment of working practices in Alang, the pace of progress and the scale of the challenge ahead.

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

Ship Recycling Global Market Report | July 25th 2022

Jamie Dalzell talks about the introduction last week of a USD 5 million limit on Letters of Credit (LCs) in Bangladesh. He considers the impact the financial restriction will have on recyclers in Chattogram and the wider impact on shipowners looking to sell higher LDT vessels. He addresses the market situation in India and the effect of steep price volatility on end buyer mood and willingness to purchase new tonnage.

Ship Recycling Global Market Report | July 19th 2022

Amit Malhotra shares his views on the state of the recycling market with an analysis of why prices are levelling off around US 600/LDT, down from the earlier peak of USD 700/LDT. He provides insight into the reasons for and future direction of Subcon currency volatility and explains how owners in Japan are extending the trading lives of their elderly vessels to take advantage of the positive freight market environment.