GMS Podcasts

Ship Recycling Market Update - Week 51, 2025 | Bangladesh, India, Pakistan, Turkey | HKC Progress, Steel Price Moves, Freight Softer

In this Week 51 episode, Ingrid and Henning break down the latest ship recycling and demolition market signals across Bangladesh, India (Alang), Pakistan (Gadani), and Turkey (Aliaga).

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.

Ship Recycling Insurance Explained: The Future of Maritime Risk Management (Part 3)

In Part 3 of Ship Recycling Insurance Explained, host Jamie Dalzell and Paulina, Head of Insurance at GMS, look ahead at the technologies, regulations, and ESG expectations that will shape the next phase of maritime risk management. As ship recycling becomes more regulated and data driven, owners, insurers, and recycling partners rely on stronger verification systems and real-time information to manage final voyage exposure.

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.

GMS Weekly Podcast | Week 50 Ship Recycling Market Update (Dec 12, 2025): “December Downers”, BDI -4%, Oil $57.61

In this Week 50 edition of the GMS Weekly Podcast, Grace and Ryan break down the latest ship recycling / demolition market developments across Bangladesh, India, Pakistan, and Turkey.

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.

Ship Recycling Insurance Explained: Managing Market, Political, and Compliance Risk (Part 2)

In Part 2 of Ship Recycling Insurance Explained, Jamie Dalzell and Paulina, Head of Insurance at GMS, examine how insurance helps manage market volatility, political risk, and compliance pressures in global ship recycling. Many recycling destinations face currency restrictions, regulatory challenges, and shifting geopolitical conditions, and this episode explains how structured insurance programs provide stability and protection throughout the final voyage.

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.

GMS Weekly Podcast | Week 49 Ship Recycling Market Update: Global Slowdown, HKC Momentum, and Year-End Trends

In this Week 49 edition of the GMS Weekly Podcast, Grace and Ryan review the latest ship recycling market developments across Bangladesh, India, Pakistan, and Turkey.

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.

Ship Recycling Insurance Explained: Why Insurance Matters in the Final Voyage (Part 1)

Welcome to Part 1 of the GMS Podcast series Ship Recycling Insurance Explained. In this episode, host Jamie Dalzell speaks with Paulina, Head of Insurance at GMS, about why insurance is a critical part of every ship’s final voyage to the recycling yard. Ship recycling carries unique navigational, environmental, and liability risks, and strong insurance protection is essential for safe and compliant operations.

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.

GMS Weekly Podcast | Week 48 Ship Recycling Market Update: Stumped, Yet Primed

In this Week 48 edition of the GMS Weekly Podcast, hosts Ingrid and Henning review another eventful period in the global ship recycling market as the industry navigates uneven fundamentals and prepares for the final month of the year.

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.

GMS Weekly Podcast | Week 47 Ship Recycling Market Update: Forums and Frictions

In this 2025 Week 47 edition of the GMS Weekly Podcast, host Ingrid and co-host Henning review another challenging week in global ship recycling as forums and frictions shape sentiment across South Asia. Oil futures slipped to around USD 57.7 per barrel, freight rates stayed active but below last year’s highs, local steel plate prices weakened in key recycling destinations, and currency devaluations in India and Bangladesh continued to erode recyclers’ purchasing power. Regulators in the United States and European Union also moved ahead with new sanctions on Russia and Iran, targeting dark fleet activity and raising questions over how hundreds of older vessels will eventually be recycled.

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.

Inside the Markets: Athens Edition (November 2025) | Greek Shipowners, Ship Recycling Prices and Currency Volatility

In this new episode of Inside the Markets from GMS Podcasts, host Jamie Dalzell is joined in Athens by Ilias Stasinos of GMS Greece to break down the latest trends in the ship recycling market as 2025 comes to a close. Together, they look at how global freight rates, weaker currencies in the subcontinent, and softer scrap steel prices are shaping ship recycling decisions for Greek owners and recyclers in India, Bangladesh, Pakistan, and Turkey.

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.

GMS Weekly Podcast | Week 46 Ship Recycling Market Update: Desperate Downers

In this 2025 Week 46 edition of the GMS Weekly Podcast, host Grace and co-host Ryan review global ship recycling markets as 2025 enters its final stretch. Falling steel prices, a firm U.S. Dollar, and limited vessel supply kept sentiment weak across South Asia.

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.