GMS Podcasts

In this Week 30, 2026 episode of the GMS Weekly Podcast, Grace and Ryan examine the geopolitical, freight, currency, compliance and operational developments shaping the global ship recycling market.

The maritime conflict expanded beyond the Strait of Hormuz as attacks on Saudi oil tankers in the Red Sea increased concern around the Bab al-Mandeb Strait. Additional disruption at the Caspian Pipeline Consortium terminal in the Black Sea added further pressure to global energy flows.

Brent crude briefly crossed $100 per barrel before easing below $98, while WTI remained close to $90. Rising bunker costs, war-risk premiums and increasingly complex voyage routes continue to affect shipowners, cash buyers and recycling candidates.

Dry bulk freight moved in the opposite direction. The Baltic Dry Index and Capesize market declined as softer iron ore and coal demand combined with improving vessel availability. Lower Capesize earnings may encourage owners of ageing vessels to consider recycling, although restricted passage through key maritime chokepoints continues to delay deliveries.

In Bangladesh, floodwaters are receding and Chattogram port operations are gradually returning to normal. Local steel trading has resumed, and attention is turning to the next delivery tide window. However, a tanker sanctioned after arrival has increased compliance caution, with recycling buyers showing a stronger preference for bulk carriers and vessels with clean trading histories.

India’s ship recycling market improved as Alang steel plate prices strengthened and the market’s compliance advantage became more commercially significant. India retains the deepest recycling capacity, more than 115 valid Statements of Compliance and the broadest ability to consider complex or dark-fleet tonnage.

Pakistan remained stable despite triple-digit oil prices and rising regional risk. The Pakistani Rupee moved only marginally, local steel prices improved, and scrap shortages continued to support buying interest at Gadani.

Turkey held interest rates at 37% for a fourth consecutive meeting, while the Turkish Lira reached another record low. Aliaga remains a specialist, regulation-led recycling destination rather than a mainstream price competitor to South Asia.

Key topics include: ship recycling market, vessel recycling prices, Brent crude above $100, Strait of Hormuz closure, Bab al-Mandeb risk, Red Sea tanker attacks, Black Sea oil disruption, Baltic Dry Index, Capesize freight, Chattogram recovery, Bangladesh flooding, sanctioned vessels, maritime compliance, Alang ship recycling, Gadani scrap demand, Aliaga recycling and GMS market rankings.

For detailed vessel indications, market rankings, steel prices, port positions and ship recycling analysis, access GMS Weekly through the GMS website or mobile app.

In this Week 29, 2026 episode of the GMS Weekly Podcast, Grace and Ryan examine the renewed geopolitical, freight, currency and operational pressures shaping the global ship recycling market.

The United States has reinstated its naval blockade of Iranian ports following several days of strikes around Bandar Abbas, Qeshm Island and Sirik. A tanker reportedly heading toward Kharg Island was disabled after ignoring warnings, while two additional vessels were redirected. The renewed escalation has pushed Brent crude close to USD 85 per barrel and increased uncertainty around Gulf vessel movements, war-risk premiums and recycling decisions.

Dry bulk freight remains firm. The Baltic Dry Index reached 2,944, its highest level since early June, while stronger Capesize earnings continue to give owners of ageing vessels an incentive to remain in service rather than commit tonnage for recycling.

Across the major ship recycling destinations, severe flooding and landslides in Bangladesh have caused significant loss of life, displaced more than one million people and brought beaching and local steel trading in Chattogram close to a standstill. Bangladesh remains the highest-ranked recycling destination, but sentiment and price indications have softened.

India continues to offer the deepest recycling capacity and strongest compliance infrastructure, although the Rupee weakened toward 96.40 and Alang remains the lowest-priced sub-continent market. Pakistan’s currency and steel prices remained exceptionally stable despite renewed Gulf tensions, while Turkey continues to operate as a regulation-driven niche market.

Key topics include: Strait of Hormuz blockade, Iranian port restrictions, Brent crude prices, Baltic Dry Index, Capesize freight, ageing vessel supply, ship recycling demand, Chattogram flooding, Alang recycling capacity, Gadani war-risk premiums, Aliaga recycling, currencies, steel prices and market rankings.

For detailed vessel indications, market rankings, port positions and recycling-market analysis, access GMS Weekly through the GMS website or mobile app.

In this Week 28, 2026 episode of the GMS Weekly Podcast, Grace and Ryan examine the renewed geopolitical and operational pressures affecting the global ship recycling market. Hostilities have resumed around the Strait of Hormuz, attacks on commercial shipping have increased, and vessel transits are once again facing uncertainty.

Brent crude rebounded toward USD 77 to USD 78 per barrel, while the Baltic Dry Index climbed to 2,875 on stronger iron ore and coal demand. Higher oil prices and improving freight markets are giving owners of ageing vessels more reason to delay recycling decisions, placing the anticipated supply of recycling candidates on hold.

Across the key ship recycling destinations, severe flooding in Chattogram has disrupted yard production and softened Bangladesh market sentiment. India continues to offer strong recycling capacity and more than 110 valid Statements of Compliance, but remains the lowest-priced sub-continent market. Pakistan’s currency and steel prices remain comparatively stable, while Gadani balances renewed Gulf proximity advantages against changing steel import duties. Turkey recorded lower inflation, but Aliaga remains a compliance-led niche market with pricing well below South Asian levels.

Key themes this week: Strait of Hormuz shipping risk, tanker attacks, Brent crude prices, Baltic Dry Index, ageing vessel supply, ship recycling prices, Chattogram flooding, Alang compliance, Gadani steel market, Aliaga recycling, currencies, monsoon disruption and vessel recycling demand.

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

In this Week 27, 2026 episode of the GMS Weekly Podcast, we look at a changing global ship recycling market as the Gulf fleet begins to move after the reopening of Hormuz, while the US dollar becomes the new pressure point for recycling destinations.

Crude flows through Hormuz have crossed 10 million barrels per day, and roughly 550 merchant vessels are preparing to exit the Gulf, including around 200 bulk carriers. Brent crude has settled near USD 71 per barrel, effectively back at pre-war levels, after touching more than USD 126 in April. Freight has adjusted but not collapsed, with the Baltic Dry Index around 2,650 and Capesize earnings near USD 32,000 per day.

For ship recycling, the key question is no longer whether the deferred vessel supply wave exists. The exit queue is now visible, but monsoon restrictions and delivery windows continue to decide when tonnage can reach the beaches.

This episode covers the latest recycling market conditions across Bangladesh, India, Pakistan and Turkey, including currency movements, steel prices, yard positioning, port activity and policy developments. Bangladesh remains at the top of the sub-continent rankings, India continues to offer compliance depth but at the lowest pricing, Pakistan benefits from stronger currency and lower inflation while facing new duty-related pressure, and Turkey remains a regulated niche market through Aliaga.

Key themes this week: Gulf fleet exits, Brent crude near pre-war levels, US dollar strength, deferred recycling supply, Bangladesh demand, India compliance, Pakistan duty changes, Turkey’s lira weakness, and monsoon-related beaching delays.

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

Why can a ship recycling offer change within days, even when the vessel, LDT, and destination remain the same?

In Episode 3 of Steel, Ships, and Recycling Values, Nayeem Noor, VP - Business Development and Communications at GMS, speaks with Jamie Dalzell, Head of the GMS Singapore Office, about why recycling offers can move quickly and what shipowners should watch before deciding whether to recycle now or wait.

The discussion explains how steel prices, currency movement, buyer sentiment, financing availability, freight earnings, regional price spreads, and timing risks can all influence recycling offers in a short period of time.

This week’s market backdrop shows why headline steel prices alone do not tell the full story. A recycler buys the vessel before selling the recovered steel, which means yards must price forward risk around resale timing, currency exposure, downstream demand, financing conditions, and delivery windows.

For shipowners, brokers, financiers, traders, and maritime professionals, this episode offers a practical explanation of why a firm and executable offer may sometimes be more valuable than waiting for a theoretical higher price. The right recycling decision depends not only on price, but also on steel direction, liquidity, finance, freight, vessel condition, drydock timing, regulatory requirements, and execution risk.

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, steel prices, vessel supply, freight markets, and maritime intelligence from key recycling and shipping hubs worldwide. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

 

 

 

In this Week 26, 2026 episode of the GMS Weekly Podcast, we analyze a turning point for the global ship recycling market as the Strait of Hormuz reopens, vessel traffic begins to recover, Brent crude falls below USD 74 per barrel, and freight markets continue to normalize.

The war premium that supported older vessels trading at sea is now unwinding. Brent has dropped sharply from wartime highs, WTI is below USD 70, and the Baltic Dry Index has eased from its June peak. For ship recycling, this changes the supply outlook: older tonnage has fewer reasons to keep trading, and the first post-reopening sale marker has appeared with the Andhika Paramesti, a 9,369 LDT bulker, sold to Bangladesh at USD 460 per LDT on an as-is Sambu basis.

However, recycling yards across the Indian subcontinent are not yet able to fully absorb the expected candidate flow. Ashura holidays and the South Asian monsoon continue to slow beaching activity in Bangladesh, India, and Pakistan. The result is a market where ships are moving again, the recycling queue is building, but the yards are still waiting for weather and timing to improve.

This episode covers the latest market conditions in Bangladesh, India, Pakistan, and Turkey, including steel prices, currency movements, yard appetite, compliance positioning, and the changing post-war dynamics across Chattogram, Alang, Gadani, and Aliaga.

Key themes this week: Strait of Hormuz reopening, falling oil prices, cooling dry bulk freight, emerging recycling supply, Bangladesh demand, India’s recovering Rupee, Pakistan’s fading wartime premium, Turkey’s regulated niche role, and monsoon-related beaching delays.

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

 

The global ship recycling market has entered a new chapter as the United States and Iran sign an interim peace agreement, reopening the Strait of Hormuz after more than 100 days of closure.

In Week 25 of 2026, Brent crude collapsed to approximately USD 78 per barrel, erasing the entire war premium that had carried prices above USD 126 in late April. WTI also eased toward USD 75, while sanctions relief and the restart of halted Gulf oil production shifted market focus from supply disruption to potential oversupply.

For the global ship recycling industry, this is a major turning point. The two forces that kept older vessels trading instead of recycling, high bunker costs and strong freight earnings, are now weakening together. The Baltic Dry Index eased to around 2,653 on June 17, while daily Capesize earnings fell to approximately USD 35,162 from the late-May high near USD 49,511.

However, the timing remains difficult. Although peace has reopened the sea route and reduced the bunker-cost floor, the Indian subcontinent is now deep in the monsoon season. Bangladesh, India, and Pakistan continue to show demand, financing, and yard appetite, but beaching activity remains limited by weather.

This week’s episode examines:

• The interim US-Iran peace agreement and reopening of the Strait of Hormuz
• Brent crude collapsing toward USD 78 and the evaporation of the war premium
• Why lower bunker costs could finally release older vessels for recycling
• The continued cooling of dry bulk freight and Capesize earnings
• Why the monsoon now controls the beaching calendar across South Asia
• Bangladesh’s stable Taka, steady steel prices, and strong post-monsoon outlook
• India’s Rupee rally, softer Alang steel, and improving macro position
• Pakistan’s firm Rupee, strong steel pricing, and fading Gulf proximity premium
• Turkey’s Lira breaking 46 per dollar and Aliaga’s continued EU-regulated niche
• Why the second half of 2026 may bring the strongest candidate flow since February

Key market takeaway:
Peace has been signed, the Strait of Hormuz has reopened, Brent has returned near pre-war levels, and the freight premium is cooling. The deferred wave of recycling candidates is now being primed, but the monsoon remains the immediate constraint. The ships are free to move, but the beaches must wait for the rains to ease.

Peace is signed. The premium is gone. The ships are moving. But the rains reign.

 

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

Why do ship recycling prices differ between Bangladesh, Pakistan, India, and Turkey when all markets are driven by steel?

In Episode 2 of Steel, Ships, and Recycling Values, Nayeem Noor, VP - Business Development and Communications at GMS, speaks with Jamie Dalzell, Head of the GMS Singapore Office, about why recycling destinations convert steel value into bids differently.

The discussion explains how Bangladesh, Pakistan, India, and Turkey each price vessels through their own mix of steel demand, currency, banking support, LC availability, yard appetite, compliance capacity, downstream liquidity, and timing risk.

This week’s market backdrop shows why regional price spreads matter. Bangladesh continues to show strong demand and workable LC support, but monsoon timing and physical beaching windows remain key constraints. Pakistan remains firm when steel and currency align, while India continues to offer depth, compliance capacity, and flexibility even when it is not the highest headline market. Turkey remains a distinct recycling destination for EU-linked, regulatory, or geography-driven cases.

For shipowners, brokers, financiers, traders, and maritime professionals, this episode offers a practical explanation of why the highest headline price is not always the best recycling deal. The right recycling destination depends on the vessel, buyer quality, finance, delivery terms, compliance requirements, and execution risk.

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, steel prices, vessel supply, freight markets, and maritime intelligence from key recycling and shipping hubs worldwide. Subscribe to GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

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.

 

The war premium in global shipping and energy markets has finally cracked, but the ship recycling market is still waiting for the final signature.

In Week 24 of 2026, Brent crude fell sharply toward USD 89 per barrel, its lowest level since March, after President Trump suspended planned military strikes against Iran and signalled that a deal to reopen the Strait of Hormuz could be signed as early as this weekend. Iran is also reported to be moving closer to approval, although no final agreement has yet been confirmed.

For the global ship recycling industry, this is a major turning point. The two forces that kept older vessels trading instead of recycling, high bunker costs and strong freight earnings, are now softening at the same time. The Baltic Dry Index eased to around 2,818, while Capesize earnings cooled to approximately USD 40,274 per day after last week’s peak near USD 49,511.

However, the timing remains difficult. The monsoon has now taken control of the beaching calendar across the Indian subcontinent, limiting near-term recycling activity even as macro conditions begin to improve.

This week’s episode examines:

• Brent crude falling toward USD 89 and the cracking of the war premium
• The possible US-Iran agreement to reopen the Strait of Hormuz
• The proposed 30-day de-mining timeline for Hormuz
• Why lower oil prices and softer freight could eventually release older tonnage
• Why the monsoon now controls beaching activity across South Asia
• Bangladesh’s stable Taka, steady steel prices, and strong Q3 demand outlook
• India’s Rupee recovery, softer Alang steel prices, and improving macro position
• Pakistan’s rising annual CPI, easing monthly inflation, and firm Gadani pricing
• How a Hormuz reopening may gradually reduce Pakistan’s Gulf proximity premium
• Turkey’s inflation pressure, Lira stability, and continued EU-regulated recycling niche
• Subcontinent recycling prices, vessel supply, and cash buyer sentiment
• Why the second half of 2026 may look more constructive than the first

Key market takeaway:

The war premium has cracked, Brent has moved below USD 90, freight has cooled, and currencies across the recycling markets have repaired themselves. But the beaching window is now governed by the monsoon. If the Hormuz agreement is signed and the 30-day de-mining clock begins, older tonnage may eventually face renewed pressure toward recycling, but not immediately.

The premium cracks. The pen hovers. The monsoon rules.

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

Steel is one of the most important drivers of ship recycling values, but recycling offers are not based on steel prices alone.

In the first episode of Steel, Ships, and Recycling Values, Nayeem Noor, VP - Business Development and Communications at GMS, speaks with Jamie Dalzell, Head of the GMS Singapore Office, about how recyclers assess steel markets when pricing vessels for recycling.

The discussion looks at why plate prices matter, how re-rollable steel is valued, and why local demand, financing, currency, inventories, import pressure, and timing risk all influence the final recycling offer.

The episode also explains why strong steel prices do not always lead to more vessels being sold for recycling. Freight markets, trading opportunities, seasonal timing, and owner strategy all play an important role in deciding whether a ship actually comes to market.

For shipowners, brokers, financiers, traders, and maritime professionals, this episode offers a practical look at how recycling values are formed and why steel remains central to the global ship recycling market.

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.