Inside the Markets - Greece Edition: Freight Strength vs Recycling Volatility

Greece’s shipping center remains active. In this Athens edition of Inside the Markets from GMS Podcasts, host Jamie speaks with Vagelis Chatzigiannis, Head of GMS Greece Office, about freight earnings and ship recycling.

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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