GMS Podcasts

Ship Recycling Market Update Week 1 2026 | India Rebounds Bangladesh Weakens Pakistan Steady Turkey Quiet HKC and Prices

Week 1 of 2026 starts with heavy geopolitical noise and mixed macro signals, and ship recycling markets respond with a clear reshuffle across the main destinations. In this episode, Ingrid and Henning cover what is moving sentiment, how currencies and steel are shaping bids, and where recycling candidates are most likely to end up in the near term.

This week in the markets:
India (Alang) strengthened sharply and moved back to the top of the pricing range, even with the rupee softer near 90.28 to the dollar.
Bangladesh (Chattogram) slipped further, with levels down around 50 dollars per LDT from late Q4 highs and the taka near 122.30 to the dollar as uncertainty builds ahead of elections.
Pakistan (Gadani) stayed close behind but most offers remained below 400 dollars per LDT, with the rupee near 280.62 to the dollar and limited HKC ready capacity still a key constraint.
Turkey (Aliaga) stayed quiet with no reported sales and the lira near 43.03 to the dollar.

Port position: Chattogram reported arrivals totaling about 39,560 LDT this week, while Alang and Gadani reported no new vessels.

Indicative recycling levels for Week 1 2026 (USD per LDT):
India Bulker 410 Tanker 430 Container 440
Pakistan Bulker 390 Tanker 410 Container 420
Bangladesh Bulker 380 Tanker 400 Container 410
Turkey Bulker 270 Tanker 280 Container 290

For the full written weekly with tables and port position details, download it from the GMS App or subscribe to receive it by email each week.

Ship Recycling Market Update - Week 52, 2025 | Year-End Review | Bangladesh, India, Pakistan, Turkey | HKC Progress, Steel Prices, Freight Outlook

As 2025 comes to a close, GMS Weekly - Week 52 delivers a comprehensive year-end overview of the global ship recycling and demolition market, highlighting key trends, pricing movements, and compliance developments across the major recycling destinations.

In this episode, Henning and Ingrid reflect on a turbulent year shaped by scarce vessel supply, declining steel plate prices, volatile currencies, and continued uncertainty across global freight markets. Despite softer pricing compared to early-2024 highs, meaningful progress on Hong Kong Convention (HKC) compliance across the Indian sub-continent provides a constructive outlook heading into 2026.

Market highlights this week include:

• A quiet holiday market with no reported recycling sales, reflecting continued supply tightness.

• Bangladesh closing the year with filled yards, flat steel trading, improved port efficiency, and cautious optimism ahead of 2026.

• India ending 2025 under pressure from falling steel prices and a weaker rupee, despite a resilient broader economic backdrop.

• Pakistan reaching a major milestone with its first HKC-approved ship recycling yard, positioning Gadani for increased competitiveness in 2026.

• Turkey remaining subdued as currency weakness and limited tonnage keep Aliaga quiet.

• Freight markets easing further, potentially delaying recycling candidates into early 2026 as owners await surveys and dry-dock cycles.

Indicative recycling levels for Week 52 (USD/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

As the industry looks ahead, HKC-ready capacity, regulatory compliance, and timing of vessel supply are expected to define recycling market dynamics in the year ahead.

 

Tune in for a concise, data-driven wrap-up of 2025 and what it means for ship recycling markets in 2026.

Safer Shifts at Scale: Training Habits That Travel Across Ship Recycling Yards

In this episode, Jamie Dalzell, Head of GMS Singapore, speaks with Dr. Anand Hiremath, GMS Chief Sustainability Officer and lead of SSORP, the Sustainable Ship and Offshore Recycling Program.

In ship recycling, many incidents happen when routine takes over and basic checks are skipped to keep work moving. This conversation focuses on the small actions that prevent harm on the ground: the pause before lighting the torch, a gas check repeated when conditions change, a supervisor choosing not to overlap high risk jobs, and a near miss report that results in a real fix.

What SSORP has delivered this year (so far)

• 781 safety awareness training sessions
• 12,036 yard workers reached
• 70 distinct topics delivered across India, Bangladesh, and Pakistan
• Training provided free for workers

Topics discussed in this episode

• Permit to Work (PTW): planning, authorization, checks, and clear responsibility before high risk work starts
• Hot work and gas cutting discipline: leak checks, flashback risks, ventilation, fire watch, safe cylinder handling, and stop work authority
• Confined space awareness: atmospheric hazards, entry controls, communication, and changing conditions
• Lifting and material handling: rigging basics, exclusion zones, signals, and early warning signs before a load shifts
• Heat stress and fatigue: hydration routines, shaded rest, symptom recognition, and simple prevention steps
• Near miss reporting: reporting early, pausing the task, inspecting gear, fixing issues, and sharing learning in toolbox talks
• Environmental awareness and waste handling: segregation, storage discipline, spill prevention, and daily yard practices
• Mock drills and emergency readiness: alarms, isolation, muster points, first actions, and clear response roles

Key takeaways for different roles

• For workers: professionalism is in the pause. Ask for checks, report near misses, stop when conditions change
• For supervisors and mukadams: make work predictable. Plan, brief, coordinate overlaps, and make permits meaningful
• For owners and management: back the system. Maintain equipment, support reporting without blame, and reinforce discipline consistently

This episode is a practical look at training that supports safer work shift by shift across ship recycling yards.

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.