GMS Podcasts

GMS Weekly Podcast | Week 40 Ship Recycling Market Recap - Spooky October Begins as Currencies Weaken and Steel Slips

In this Week 40 edition of the GMS Weekly Podcast, we review the latest movements across global ship recycling.
As October begins, markets reflect a sharp slowdown with weaker currencies, falling oil, and softer steel prices across India, Bangladesh, Pakistan, and Turkey.

Global Market Overview

• Global trading indices fell by about sixteen percent, marking the sharpest weekly decline since January.
• Oil prices eased to around sixty dollars per barrel, about twenty percent lower than the same time last year.
• Currencies remained under pressure, with the Indian rupee near eighty-nine, the Pakistani rupee around two-hundred eighty-three, and the Turkish lira at forty-one point seven to the dollar.
• Steel prices stayed mixed. India slipped to about four-hundred and two dollars per ton, Bangladesh held near five-hundred and twenty, and Pakistan stayed firm around six-hundred and twenty.

Regional Highlights

Bangladesh:
Activity remained limited as local yards stayed mostly idle. The market continues to absorb the impact of HKC upgrades, limited supply, and political uncertainty. Steel prices held steady near USD 520 per ton.

India:
Alang faced another difficult week. The rupee reached a record low of eighty-eight point seven-four, and domestic steel fell to about USD 402 per ton. One sale was reported, the Bow Cedar from Odfjell, at USD 940 per LDT supported by strong stainless-steel content.

Pakistan:
Prices remain the highest in the region at roughly USD 620 per ton, but large LDT units remain scarce. Inflation increased to 5.4 percent and HKC approval work continues at Gadani.

Turkey:
The Turkish lira weakened to about TRY 41.7 as inflation crossed thirty-three percent. Local recyclers continue to face tight financing and limited tonnage availability heading into the fourth quarter.

Market sentiment stayed weak through the start of October as declining fundamentals, currency pressure, and limited supply weighed on all major recycling destinations.

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.

Europe’s Ship Recycling Ambitions: Policy vs. Reality

Europe has set ambitious goals to expand ship recycling capacity and supply “green steel” to its industries. But is the reality matching the rhetoric? In this episode of the GMS Podcast, Chief Sustainability Officer Dr. Anand Heremath joins host Jamie Dalzell to explore the data, the regulations, and the practical challenges shaping Europe’s ship recycling future.

Key discussion points:

• How recycled steel compares with conventional steel in reducing emissions

• The European Union Ship Recycling Regulation (EUSRR) vs. the Hong Kong Convention (HKC)

• Why South Asia’s decades-long experience in ship recycling matters

• The environmental and cost impact of diverting ships to Europe

• The role of ESG requirements and transparency in shipowner decision-making

This episode provides context for shipowners, policymakers, and stakeholders seeking clarity on global recycling standards and the future of sustainable shipping.

GMS Weekly Podcast | Week 39 Ship Recycling Recap – India’s Turbulent Slide, Bangladesh Bypassed, Pakistan Bags Bulk, Turkey Snoozes

In this Week 39 edition of the GMS Weekly Podcast, we unpack the latest ship-recycling market trends, freight dynamics, currency and steel movements, and key regional updates from India, Bangladesh, Pakistan, and Turkey.
This week’s theme: Disconnect.

Global Market Overview

• Dry bulk freight turned volatile: Baltic Dry Index ended the week with a net 2.5 % gain, driven by Capesize strength of about 5.5 %, even as daily readings slipped late in the week.

• Oil softened: WTI crude fell 1 % to around USD 65 per barrel, pressured by Kurdistan resuming crude exports after 2.5 years.

• Currencies weakened: Indian rupee dropped to INR 88.62, Bangladesh taka to BDT 122.04, and Turkish lira to TRY 41.58; only the Pakistani rupee strengthened, to PKR 282.50.

• Steel plate prices mostly flatlined, except India slid USD 15 to USD 409.20 per ton, weighing on sentiment.

Bangladesh
Chattogram stayed the quietest sub-continent market. Recycled steel failed to move, and larger LDT tonnage kept diverting to competitors. The taka closed at BDT 122.04, while 18 yards are HKC-compliant with more approvals expected next month.

India
Alang faced a tough week. The rupee weakened to INR 88.62, briefly near 89, and steel prices dropped to USD 409.20 per ton. Some speculative deals, like the 4,810 LDT container Niigata Trader at USD 480/LT LDT, look stretched as fundamentals deteriorate. Ongoing U.S. tariffs and sanctions continue to cloud Q4 prospects.

Pakistan
Gadani brightened the regional picture. Several bulkers changed hands, including Rising Harrier at USD 445/LT LDT and Puteri Kirana at USD 390/LT LDT (“as is” Surabaya). Strong local steel prices and a PKR strengthening to 282.50 support momentum, even as HKC compliance work continues.

Turkey
Activity remained subdued. The lira slipped to TRY 41.58, and local steel prices edged lower, keeping sentiment soft.

Beach Breakdown
With freight rates mixed and steel prices uneven, regional ship-recycling markets show a clear disconnect between fundamentals and bidding.

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: 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.

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 38 Ship Recycling Recap – India’s Suspect Imports, Bangladesh Sporadic, Pakistan Waiting, Turkey Sliding

In this Week 38 edition of the GMS Weekly Podcast, we cover the latest ship-recycling market trends, freight activity, steel prices, and key port updates from India, Bangladesh, Pakistan, and Turkey.
This week’s theme: September Serene?

Global Market Overview

• Freight activity stayed mixed as the Baltic Dry Index held steady: Capesize gained about 1 percent, while Panamax and Supramax fell nearly 2 percent and 3 percent.

• Oil prices moved only slightly higher, with WTI crude closing at USD 62.74 per barrel, still down 1.4 percent for the month and 10.8 percent year on year.

• Currency markets softened: Indian rupee firmed to INR 88.09, Pakistani rupee to PKR 283.44, Bangladeshi taka to BDT 121.74, while Turkish lira slipped to TRY 41.41.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 619 per ton, Bangladesh USD 519 per ton.

Bangladesh
Activity remains sporadic. Recyclers focused on larger LDT and LNG units as smaller ships drew little interest. One fresh LDT tanker arrival broke the quiet. The taka eased to BDT 121.74 and steel plate prices held at USD 519 per ton. With February 2026 elections ahead and infrastructure demand weak, most recyclers stay cautious.

India
Alang stayed the busiest yard, recording about 84 K LDT of arrivals including several OFAC-listed or sanctioned units that other markets rejected. Prime Minister Modi’s visit to Bhavnagar caused partial shutdowns, but demand held firm. The rupee strengthened to INR 88.09 and steel plate prices remained flat at USD 448 per ton. India continues to lead LNG recycling sales.

Pakistan
Gadani logged a third straight week of no arrivals. DASR certification and slow Hong Kong Convention yard upgrades continue to limit activity. Still, fundamentals are strong: PKR strengthened to 283.44 and steel plate prices remain near the industry high at USD 619 per ton. Progress on HKC compliance could allow a market rebound later this year.

Turkey
The market remained quiet. The lira weakened further to TRY 41.41, import steel prices fell for a second consecutive week, and recycling activity stayed minimal.

Beach Breakdown
Global freight markets steadied and steel prices were unchanged. India saw the most arrivals, Bangladesh stayed selective, Pakistan waited for yard approvals, and Turkey remained subdued.

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 - Hamburg Edition: German Shipowners Trade Hard, Recycle Later

Northern Europe’s shipping heartbeat is pulsing with profit. In this Hamburg special of Inside the Markets from GMS Podcasts, host Jamie speaks with Henning Prinzen, Head of the GMS Hamburg Office, to examine how German shipowners are prioritizing trading income over ship recycling.

Henning explains how high charter rates and steady freight earnings across bulkers, tankers and container feeders keep ships active while recycling yards wait. With the Baltic Dry Index up 7.4 percent, crude holding near USD 62.74 per barrel and strong time charter demand, owners are locking in long term charters, forward deliveries and sale and leaseback deals to capture today’s cash flows.

Key Discussion Points

• Trading vs. Recycling: why strong earnings mean no tankers or bulkers heading for recycling in the near term

• Market Numbers: steel plate prices at India USD 448 per ton, Pakistan USD 625, Bangladesh USD 519, with the Indian rupee in the high 88s per USD and the Pakistan rupee around 284

• Owner Strategy: efficient maintenance, creative financing and forward deals to hedge revenue and extend vessel life

• Future Outlook: what would trigger a sudden shift from trading to recycling and how HKC approved yards in the Indian subcontinent or Turkey fit long term plans

From Hamburg boardrooms to global yards, the message is consistent: earn now, recycle later until freight softens.

 

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GMS Weekly Podcast | Week 37 Ship Recycling Recap – India’s Big LNG Splash, Bangladesh Bleak, Pakistan Waiting, Turkey Idle

In this Week 37 edition of the GMS Weekly Podcast, we cover the latest ship recycling market trends, freight activity, steel prices, and key port updates from Bangladesh, India, Pakistan, and Turkey.
This week’s theme: Governing Goof-Ups!

Global Market Overview

• Freight activity strengthened as the Baltic Dry Index rose 7.4 percent, with Capesize up 1.0 percent, Panamax 0.4 percent, and Supramax 0.5 percent.

• Oil prices moved higher, with WTI crude closing at USD 62.74 per barrel.

• Currency markets weakened: Indian rupee fell to INR 88.28, Pakistani rupee to PKR 284, Bangladeshi taka to BDT 122.02, and Turkish lira to TRY 41.33.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 625 per ton, Bangladesh USD 519 per ton.

Bangladesh

Conditions remain bleak. Political uncertainty and slow Hong Kong Convention approvals continue. Only one 30 K LDT LNG carrier arrived. Recyclers face unsold inventories, and although inflation eased to 8.28 percent, ship recycling activity remains minimal.

India

Alang saw an influx of more than 155K LDT, including two large 33K LDT LNG carriers and several tankers. Despite this, a record-low rupee and tariff concerns kept buyers cautious. Steel plate prices held at USD 448 per ton and overall sentiment stayed restrained.

Pakistan

Gadani recorded no arrivals for the second week. Plate prices remained high at USD 625 per ton. Provisional DASRs and slow Hong Kong Convention yard upgrades kept buyers ready but inactive. The Pakistani rupee weakened to PKR 284.

Turkey

Activity stayed quiet. Red tape remains an issue, the lira slipped to TRY 41.33, and no market sales were reported.

Beach Breakdown

Freight markets strengthened and steel prices were unchanged. India had notable LNG arrivals, while Bangladesh, Pakistan, and Turkey experienced another subdued week.

 

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.

Deep Water Recovery vs. Alang: What Ship Owners Must Know About HKC-Compliant Recycling

In this GMS Podcast episode, host Ingrid sits down with Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program (SSORP), to examine two sharply different approaches to ship recycling and what they mean for ship owners worldwide.

The conversation starts with Canada’s Deep Water Recovery case in British Columbia, where regulators found repeated toxic discharges of heavy metals such as copper and lead, weak pollution controls, and long legal disputes. This case illustrates the environmental and business risks of recycling a vessel without strong oversight and clear waste-handling systems.

Dr. Anand then takes listeners to Alang, India, where more than one hundred ship recycling yards are certified under the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) and many also meet EU Ship Recycling Regulation standards.

Key insights include:

• How HKC yards build a Ship Recycling Plan from a detailed Inventory of Hazardous Materials before a vessel arrives.

• Use of impermeable flooring and closed drainage to capture and treat oil, paint scrapings and wash water, preventing ocean contamination.

• Worker training and ISO 45001 safety systems, with protective equipment, insurance and family health coverage.

• Independent audits by ClassNK, Lloyd’s Register and other IACS members, ensuring constant compliance instead of slow court battles.

• Circular economy benefits: re-rolling 75 percent of hull steel cuts energy use by about 58 percent and avoids around 1.6 tonnes of CO₂ per tonne of steel compared with melting in European dry docks.

• Regulated removal and off-site treatment of hazardous waste such as asbestos.

Dr. Anand explains why HKC-compliant beaching in Alang can match or exceed dry-dock recycling in environmental performance, while offering the scale and steel reuse rates global shipping needs.

For ship owners, cash buyers and maritime professionals, this episode provides practical guidance on choosing a ship recycling destination that is verifiably safe, cost-effective and climate-friendly.

 

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Inside the Markets - Dubai Edition: Tanker Recycling Outlook, Currency Risks and Market Shifts

In this Dubai special of Inside the Markets from GMS Podcasts, host Jamie speaks with Simos, Head of the GMS Dubai Office, to examine the latest developments in ship recycling and pricing across India, Pakistan and Bangladesh. Dubai’s position at the centre of tanker trading and ship disposal offers a unique perspective on market opportunities and risks.

Discussion highlights include:

• India’s recycling activity facing pressure from a weakening rupee near 88, new tariffs and steady steel prices around 430 dollars per ton, while maintaining more than 100 HKC-compliant yards
• Pakistan’s steady rupee at approximately 283, plate prices rising to about 625 dollars per ton, and a 12 billion rupee plan to create a model green yard cluster at Gadani by 2026
• Bangladesh’s slowdown with steel at about 519 dollars per ton, only 21 active yards despite 18 HKC approvals, and political focus on elections scheduled for early 2026
• Freight support that keeps bulk carriers trading and delays supply, while older crude and product tankers in the Middle East approach the end of their trading life
• The impact of the Hong Kong Convention as IHMs, recycling plans and yard checks become standard, adding process steps but lowering risk
• Dubai’s role in structuring forward deliveries, leasebacks and other value unlocking strategies for regional owners

This episode provides detailed market intelligence for shipowners, brokers and recyclers navigating currency risk, regulatory change and freight dynamics.

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 36 Recap: Bangladesh Silent, India in Double Jeopardy, Pakistan Stable, Turkey Weak

In this Week 36 edition of the GMS Weekly Podcast, we break down the latest developments in the global ship recycling market, with updates from Bangladesh, India, Pakistan, and Turkey. This week’s theme: Treading Water & Testing Nerves.

Global Overview:

• Baltic Dry Index at 1,979, up 0.8%, though overall freight slid 2.3%.

• Oil prices extended losses: WTI settled at USD 61.9 per barrel.

• Currency shifts: Indian rupee at record lows in the 88s, Pakistani rupee steady at PKR 283.52, Bangladeshi taka slipped, Turkish lira at TRY 41.25.

• Steel plate prices: India flat at USD 448.88/ton, Pakistan firm at USD 625.44/ton, Bangladesh down sharply to USD 519.59/ton.

Bangladesh:
No fresh arrivals. Steel imports pressured prices, down over USD 21 this week. Only 21 operational yards remain, down from 35. Political uncertainty ahead of the 2026 election continues to stall Chattogram.

India:
Double jeopardy with tariffs and sanctions driving the rupee into record lows. Steel plate prices stuck at USD 448.88/ton. Despite over 100 HKC-approved yards, only one small cargo unit arrived recently. Alang remains busy on paper but is struggling in practice.

Pakistan:
Gadani stayed the best-placed market with firm plate prices at USD 625.44/ton and stable currency at PKR 283.52. A USD 42 million government initiative aims to deliver 31 eco-compliant yards by 2026. Fundamentals solid, but no new arrivals this week.

Turkey:
No recovery in sight. Plate prices slipped, the lira weakened to TRY 41.25, and sentiment remains weak.

Beach Breakdown:
Bangladesh silent, India pressured, Pakistan stable but waiting, Turkey still struggling.

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.