GMS Podcasts

Inside the Markets: Ship Recycling Update in India, Pakistan, and Bangladesh with Freight Market Impact and Compliance Focus

In this episode of Inside the Markets from GMS Podcasts, we provide a clear update on ship recycling activity across India, Pakistan, and Bangladesh. The discussion focuses on pricing, compliance requirements, freight market effects, and regional developments that are shaping today’s recycling decisions.

Hosted by Vagelis Chatzigiannis, Head of the GMS Greece Office, with insights from Jamie Dalzell, Head of the GMS Singapore Office, the episode covers the factors driving both opportunities and risks in the recycling market.

Discussion highlights include:

• India’s continued activity with more than 110 HKC-certified yards, supported by compliance and international credibility despite currency volatility

• Pakistan’s position as the regional price leader with strong plate values and currency stability, but limited concluded deals

• Bangladesh’s slowdown driven by flat plate prices, high inflation, and political uncertainty ahead of elections

• The role of the Baltic Dry Index and stronger freight earnings in delaying ship supply across bulkers and containerships

• The increasing importance of compliance, IHM documentation, and sanctions risk for international owners

• Market expectations for tankers, LNG carriers, and broader regional competition heading into Q4

Flash Forecast:

• Most likely ship type to recycle next month: tankers

• Preferred destination today: India for compliance, Pakistan for pricing

• Biggest current risk: currency volatility in South Asia

This episode provides straightforward insight into how shipowners and recyclers are balancing compliance, currency, and capacity challenges.

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 35 Recap: Bangladesh Silent, India Active, Pakistan Stable, Turkey Weak

In this Week 35 edition of the GMS Weekly Podcast, we cover the latest developments in the global ship recycling markets, with updates from India, Pakistan, Bangladesh, and Turkey. This week’s theme, Snoring September, highlights slowing supply, currency pressure, and the uneven pace of activity across the sub-continent.

Global Overview:

• Oil held steady with WTI at USD 64 and Brent at USD 68.

• The Baltic Dry Index closed at 2,025, the strongest in a month, led by Panamaxes and Supramaxes while Capes slipped.

• Supply of recycling candidates slowed, with only a handful of fresh arrivals.

• India’s rupee collapsed to record lows, while Pakistan and Bangladesh currencies stayed steady.

• Steel plate prices: India USD 449/ton (up), Pakistan USD 622/ton (steady), Bangladesh USD 542/ton (flat).

Bangladesh:

• No new arrivals for the second straight week, keeping Chattogram silent.

• HKC compliance hurdles and weak demand weigh on sentiment.

• Inflation above 8 percent, steel plate at USD 542/ton, and Taka steady at 121.7.

• Larger LDT units still draw some attention, smaller vessels diverted to India or Pakistan.

India:

• Remains the busiest recycling destination, logging seven vessels, three of which were new arrivals.

• Steel plate climbed to USD 449/ton, but the rupee collapsed to 88.3 against the dollar.

• HKC-ready yards remain a strength, with Alang able to handle compliant tonnage.

• Recyclers are cautious despite activity, hedging against costs and currency pressure.

Pakistan:

• Logged one vessel, but Gadani remains the best-priced market.

• Plate prices steady at USD 622/ton, the highest in the region.

• Currency stable at PKR 281.8, supporting margins.

• DASR approvals keep recyclers hungry and positioned for larger LDT units.

Turkey:

• Weak sentiment continues as both lira and plate prices slipped.

• Prices now USD 250–270/ton across vessel types.

• Market remains the least attractive among the four destinations.

Beach Breakdown:

• Bangladesh: silent

• India: active but cautious

• Pakistan: stable with buyers waiting

• Turkey: still struggling

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

Inside the Markets: India – Alang’s recycling edge, LNG arrivals, tariffs, and compliance risks

In this episode of the Inside the Markets series from GMS Podcasts, we focus on India – the anchor of South Asia’s ship recycling industry and home to the world’s largest cluster of Hong Kong Convention–compliant yards. Despite sanctions, tariffs, and global trade headwinds, India continues to attract complex tonnage, including LNG carriers and tankers, while providing owners with predictable, compliance-driven recycling solutions.

Jamie Dalzell, Head of the GMS Singapore Office, speaks with Kiran Thorat, Head of the GMS India Office, about how Alang’s recyclers are navigating shifting prices, U.S. tariffs, sanctions risk, and growing international scrutiny while still maintaining India’s leadership in global ship recycling.

The discussion covers:

• Current pricing spreads across India, Pakistan, and Bangladesh, with Pakistan leading but India offering stability

• How compliance and HKC-certified yards keep India attractive to international shipowners

• The rise of LNG and tanker recycling in Alang, and how India manages complex vessels safely

• The impact of U.S. tariffs, sanctions, and Chinese steel exports on India’s market and plate prices

• Regional outlook: Bangladesh’s flat market, Pakistan’s comeback, and India’s compliance advantage

• Flash Forecast: Most likely ship types, destination choices, and biggest risks heading into Q4

From LNG carriers to overaged tankers, Kiran shares frontline insight into how India is balancing opportunity and risk in today’s volatile market.

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 34 Recap: Bangladesh Stalls, India Busy, Pakistan Prices Hold, Turkey Adds Restrictions

In this Week 34 edition of the GMS Weekly Podcast, we cover the latest developments in the global ship recycling markets, with updates from India, Pakistan, Bangladesh, and Turkey. This week’s theme, Method to the Madness, highlights frustrating conditions, softer pricing, and uneven buyer activity across the sub-continent.

Global Overview:

• Oil edged up 0.2% to USD 63 per barrel as Ukraine conflict pressures continued.

• The Baltic Dry Index rose 2.7%, with gains across capes, panamaxes, and smaller segments.

• Supply of recycling candidates remains limited despite recent LNG and tanker arrivals.

• Prices have cooled and are holding at lower post-HKC levels.

Bangladesh:

• Market flat with no new arrivals or deliveries reported.

• Demand for smaller LDT units is absent, while only select large capes draw interest.

• Recycled steel continues to stockpile as mills import cheaper raw material.

• The Taka weakened to 121.65 against the dollar.

• Economic and political uncertainty persists, keeping buyers away.

India:

• Alang remains the busiest and most reliable recycling destination despite sanctions and tariff pressure.

• About 140,000 LDT currently at anchorage or delivered, including another LNG and tanker.

• Steel prices improved slightly to USD 436 per ton; the Rupee firmed to 87.33.

• Concerns remain about Chinese steel imports undercutting domestic values.

Pakistan:

• Still offering the highest prices in the region at USD 622 per ton.

• Market activity is muted with limited arrivals and few workable candidates.

• Yards with DASRs are holding back for larger vessels.

• The Rupee strengthened to 283.15, but inflation and investor outflows add risk.

• Pakistan remains the best-priced location for quick deals if supply improves.

Turkey:

• The Lira slipped again to 40.91, briefly above 41.

• Government imposed a ban on direct vessel calls to and from Israel, cutting supply potential.

• Inflation is easing, but Aliaga’s yards remain without new arrivals.

The GMS Weekly is the trusted source for ship demolition pricing, steel plate trends, HKC compliance, and port-by-port market activity across the Indian subcontinent.

 

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Inside the Markets: China – fleet recycling trends, HKC compliance, and shipowner strategies

In this episode of the Inside the Markets series from GMS Podcasts, we focus on China, the world’s largest shipowning nation and one of the most influential players in global shipping. While the fleet is extensive, recycling volumes remain limited, with many transactions taking place off-market or redirected to domestic use.

Jamie Dalzell, Head of the GMS Singapore Office, speaks with Leo Liu, Head of the GMS China Office, about how Chinese shipowners are managing ship recycling under the Hong Kong Convention (HKC) and how regional market conditions are shaping their decisions.

The discussion covers:

• Why Chinese shipowners extend vessel lifespans and keep recycling volumes low

• HKC compliance among state-owned and private owners with international exposure

• Current vessel types moving to recycling including handy and small bulkers, coastal ships, and feeder containerships

• Pricing outlook with LDT values ranging from 405 to 455 USD and why sellers remain cautious

• Market updates from Bangladesh, India, and Pakistan and what these mean for Chinese sellers

From bulk carriers to feeder containerships, Leo shares insight into how Chinese shipowners approach recycling, sales, and compliance.

 

Follow GMS Podcasts for market intelligence and regional updates from our country heads in Asia, the Middle East, and Europe. Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.

 

GMS Weekly Podcast | Week 33 Recap: Ship Recycling Slowdown, India Stability, Pakistan DASR Impact, Bangladesh Steel Crash

In this Week 33 edition of the GMS Weekly Podcast, we cover the latest developments in the global ship recycling markets, with detailed updates for India, Pakistan, Bangladesh, and Turkey. This week’s theme - Time Flies - highlights slowing supply, uncertain pricing, and shifting regional dynamics.

Global Overview:

• Trump–Putin meeting in Alaska keeps oil markets on edge.

• Oil slipped 2% to USD 62.80/barrel.

• Baltic Dry Index rose 0.25%, now over 7% higher year-to-date.

• Vessel supply remains thin; tonnage inflows likened to a “band-aid” for a long-term shortage.

• Focus shifts to HKC compliance and facility upgrades amid ongoing regulatory challenges.

Bangladesh:

• Market stuck in a summer slumper.

• Five vessels totaling 52,000 LDT arrived, including a 21,000-ton bulker.

• Steel plate prices collapsed USD 9/Ton to USD 540 as mills import cheaper feedstock.

• Taka stabilized at 121.35 with central bank support.

• Inflation rising again, elections not until February 2026. Market remains weak for smaller units.

India:

• Sanction Caution as authorities arrested sanctioned vessels arriving at Alang.

• Despite this, India remains the most stable and HKC-compliant destination, attracting blue-chip owners.

• Over 81,000 LDT at anchorage this week, including another cape and a tanker.

• Rupee firmed slightly to 87.53.

• Inflation eased to 1.55%, and S&P upgraded India’s credit rating to ‘BBB’ - boosting confidence.

Pakistan:

• DASR Dominates - provisional certificates keep Gadani active.

• Four ships totaling 16,000 LDT arrived, including a woodchip carrier.

• Steel plate prices surged to nearly USD 622/ton, the highest in the region.

• Rupee eased to 283.55.

• Pakistan now the best-priced market, especially for dry bulk units and mid-sized vessels.

Turkey:

• Lira slipped again to 40.90 against the U.S. dollar.

• Inflation fell sharply to 33.5% from 61.8% last year, but Aliaga’s yards remain quiet with no new arrivals.

The GMS Weekly remains the definitive source for ship demolition pricing, steel plate trends, HKC compliance updates, and port-by-port activity across the Indian subcontinent. Trusted by ship owners, cash buyers, recyclers, traders, and analysts worldwide.

 

Subscribe to the full GMS Weekly for complete demo pricing, delivery schedules, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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Inside the Markets: Japan – HKC readiness, IHM compliance, and ship recycling outlook

In this episode of the Inside the Markets series from GMS Podcasts, we focus on Japan, a shipping market known for its steady approach, long-term relationships, and carefully planned fleet strategies.

Jamie Dalzell, Head of the GMS Singapore Office, speaks with Amit Malhotra, Head of the GMS Japan Office, about how Japanese shipowners are responding to the Hong Kong Convention (HKC), their plans for Inventory of Hazardous Materials (IHM) compliance, and the factors shaping future recycling volumes.

The discussion covers:

• How HKC enforcement is influencing Japanese owners’ compliance timelines

• IHM preparation requirements, costs, and service options

• Yard availability and certification trends in the Indian subcontinent

• Market conditions driving potential recycling candidates, including PCCs, wood chip carriers, and LNG vessels

• How GMS structures flexible and value-driven deals for owners of vintage assets

From shifts in PCC trade patterns to upcoming newbuild deliveries, Amit shares insights on where the next wave of Japanese recycling may come from and how GMS is supporting owners through planning, compliance, and execution. Follow GMS Podcasts for updates from our teams in Japan, Korea, Greece, the Middle East, and other major shipping hubs.

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GMS Weekly - Week 32 Recap: Liberation Day Tariffs, India Sanctions impact, Pakistan tops pricing

This Week 32 GMS Weekly Podcast covers the latest global ship recycling market updates for India, Pakistan, Bangladesh, and Turkey.

• Global overview: Liberation Day tariffs from April are now in effect, impacting India and other key destinations. Oil prices dropped 5% to USD 63.90 per barrel. The Baltic Dry Index rose over 2%, led by a 4.3% Cape index gain. Currency movements were mixed: the U.S. Dollar strengthened against the Indian Rupee, Pakistani Rupee, and Turkish Lira, but weakened against the Bangladeshi Taka and Chinese Yuan.

• India: 50% export tariffs to the U.S. and sanctions linked to Russian trade weigh on sentiment. The Rupee closed at Rs 87.50. Steel prices fluctuated but ended flat. Alang received 6 vessels totaling nearly 57,000 LDT, including large bulk carriers and LNG units. India remains a key HKC-compliant recycling hub.

• Pakistan: Gadani leads regional pricing with steel plate at USD 615/Ton. Provisional DASR certificates allow select yards to bid. A nearly 9,000 LDT woodchip carrier arrived this week. The Rupee eased to PKR 283.60.

• Bangladesh: HKC-certified yards are re-entering the market after completing recent deliveries. Four vessels totaling about 30,000 LDT arrived in Chattogram. The Taka firmed to BDT 121.37.

• Turkey: Lira weakened to TRY 40.76. No new arrivals or market sales reported.

The GMS Weekly provides detailed ship demolition pricing, port-by-port vessel positions, steel plate price trends, and HKC compliance updates. This content is relevant for ship owners, cash buyers, recyclers, traders, and maritime analysts monitoring the Indian sub-continent ship recycling markets.

Subscribe to the full GMS Weekly for complete demo pricing, delivery schedules, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS

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Inside the Markets: Korea - LNG recycling, HKC compliance and Secondhand trends

In this first episode of the Inside the Markets series from GMS Podcasts, we focus on South Korea, one of Asia’s most data-driven shipping markets. Gyungbae Gil, Head of the GMS Korea Office, shares insights on how Korean shipowners are approaching recycling and acquisitions in today’s firm freight market.

The discussion covers the increasing number of older Korean-owned LNG carriers being sent for recycling, the country’s readiness for Hong Kong Convention compliance, and shifts in secondhand trading patterns. Listeners will gain a clear view of how local market dynamics connect to global ship recycling and sale & purchase activity.

Key points discussed in this episode include:

• Recycling trends in Korea’s LNG sector

• HKC compliance readiness and yard options

• Secondhand market activity and pricing outlook

This episode offers local insight with global market relevance, helping industry players navigate recycling, compliance, and asset sales in one of the world’s key maritime hubs.

This episode offers local insight that supports strategic planning for recycling, fleet renewal, and compliance in one of the world’s key maritime hubs.

Follow GMS Podcasts to hear more from our country heads in Japan, Greece, the Middle East, and other major shipping markets.

 

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Bangladesh’s HKC Implementation: In Conversation with the Director General of BSRB

In this special episode of the GMS Podcast, we speak with ASM Shafiul Alam Talukder, Director General of the Bangladesh Ship Recycling Board (BSRB). In this podcast, Mr. Talukder offers valuable insight into how Bangladesh is implementing the Hong Kong Convention (HKC) following its entry into force on June 26, 2025.

Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program (SSORP), hosts this conversation focused on regulatory progress and industry readiness in one of the world’s largest ship recycling hubs.

Key points discussed in this episode include:

• The current status of HKC implementation in Bangladesh

• Inventory of Hazardous Materials (IHM) requirements and enforcement mechanisms

• Rollout of DASR (Document of Authorization to conduct Ship Recycling) and the approval process

• Introduction of a proposed One-Window System for all ship recycling clearances

• Coordination with the Ministry of Industries, Department of Environment, Customs, and other stakeholders

• The roadmap to achieving more than 100 HKC-compliant yards by 2030

• Improvements in hazardous waste infrastructure and TSDF (Treatment, Storage and Disposal Facility) setup

• Health, safety, training, and insurance initiatives for workers

• The role of international support from IMO, JICA, and the Government of Norway

• Regional alignment and knowledge sharing with India, Pakistan, and Turkey

This episode highlights Bangladesh’s efforts to align ship recycling regulations with global standards while enhancing environmental performance and worker safety.

As one of the most significant recycling destinations globally, Bangladesh’s progress is key to the Convention’s success. This episode documents a vital step in making responsible and transparent ship recycling a global norm.

 

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