GMS Podcasts

GMS Weekly Podcast | Week 45 Ship Recycling Market Recap: “Trading Day? Some Other Day.”

In this Week 45 edition of the GMS Weekly Podcast, global ship recycling markets remain subdued as weak fundamentals, falling steel prices, and currency volatility continue to pressure recyclers across South Asia.

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.

Inside the Markets - Dubai Edition (November 2025) | Ship Recycling Trends, Currency Volatility, and Subcontinent Price Outlook

In this new episode from GMS Podcasts, host Jamie Dalzell is joined by Simos Dimitriou, Head of the GMS Dubai Office, to discuss how global economic pressures, shifting currencies, and fluctuating steel prices are shaping the ship recycling markets across the subcontinent.

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.

GMS Weekly Podcast | Week 44 Ship Recycling Market Recap: “Halloween November?” Global Tonnage Tumbles, Currencies Slide, and Sentiment Sinks

In this Week 44 edition of the GMS Weekly Podcast, the global ship recycling industry closes October on a haunting note as weak fundamentals, volatile currencies, and scarce tonnage continue to shadow the sub-continent markets. From India and Bangladesh to Pakistan and Turkey, sentiment stays fragile while inflation trends, oil movements, and new HKC developments keep recyclers on edge.

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.

Inside the Markets: India Update – October 2025 | Alang Resilience, Pricing Trends, and Compliance Leadership

India’s ship recycling market remains a cornerstone of global green recycling, combining scale, compliance, and experience. In this episode of Inside the Markets from GMS Podcasts, Jamie Dalzell speaks with Kiran Thorat, Head of GMS India Office, about the current sentiment in Alang, market pricing trends, and how India continues to lead through discipline and compliance.

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.

GMS Weekly Podcast | Week 43 Ship Recycling Market Recap: "Woefully Slow" Global Freight Holds, Oil Rises, and Sub-Continent Prices Sink

In this Week 43 edition of the GMS Weekly Podcast, we review another subdued week in the global ship recycling markets as currencies fluctuated, steel plate prices softened, and sentiment across India, Bangladesh, Pakistan, and Turkey remained weak.

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.

Inside the Markets: Japan Update - October 2025 | Recycling Trends and Hong Kong Convention Impact

Japan’s ship recycling market continues to demonstrate stability and foresight amid a softer global environment. In this episode of Inside the Markets from GMS Podcasts, Jamie Dalzell, Head of GMS Singapore Office , speaks with Amit Malhotra, Head of GMS Japan Office, about how Japanese shipowners are adapting to new compliance standards under the Hong Kong Convention and preparing for long-term sustainability.

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.

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.

 

GMS Weekly Podcast | Week 42 Ship Recycling Market Recap: "Certainly Uncertain" Global Freight Gains, Oil Price Slump, and Sub-Continent Slide

In this Week 42 edition of the GMS Weekly Podcast, we review another turbulent week in the global ship recycling markets, shaped by volatile currencies, a softening steel market, and shifting regional sentiment across India, Bangladesh, Pakistan, and Turkey.

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.

 

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 - Korea Edition: Holding Course in a Volatile Recycling Market

Asia’s recycling markets are shifting, but Korea is staying steady. In this Seoul special of Inside the Markets from GMS Podcasts, host Jamie Dalzell speaks with Gyungbae Gil, Head of the GMS Korea Office, to explore how Korean shipowners are navigating a volatile environment with patience, discipline, and a long-term view.

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.

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.

GMS Weekly Podcast | Week 41 Ship Recycling Market Recap - “Whoananza?!” Global Tensions, Currency Slides, and the Sub-Continent in Flux

In this Week 41 edition of the GMS Weekly Podcast, we review another dramatic week across global ship recycling, marked by geopolitical uncertainty, volatile currencies, and weakening steel fundamentals across India, Bangladesh, Pakistan, and Turkey.

 

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.

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 - Greece Edition: Greek Owners Hold Firm as Freight Softens

Greek shipping remains steady while global markets show signs of fatigue. In this Athens edition of Inside the Markets from GMS Podcasts, host Jamie speaks with Ilias Stasinos, Trader at GMS Greece, about how owners are managing the balance between strong freight earnings and weaker recycling prices.

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.

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.