GMS Podcasts

The global ship recycling market saw another shift in Week 7 of 2026 as key fundamentals moved in different directions across the sub-continent. The Baltic Dry Index declined by 0.6 percent, mainly due to weaker Capesize and Panamax performance, while Supramax rates improved. Oil prices held near USD 62.8 per barrel as markets continued to monitor U.S. and Iran tensions.

In this week’s episode, Ingrid and Henning discuss how the U.S. Dollar strengthened against most recycling nation currencies, with India being the exception as the Rupee improved to around INR 90.6. Steel plate prices reversed course in India, falling nearly USD 10 per ton, while Pakistan maintained the strongest fundamentals in the region with plate prices holding near USD 594 per ton.

Bangladesh reached a political milestone as the BNP secured a more than two-thirds majority in the general elections. The result is expected to support long-delayed infrastructure projects and could improve domestic steel demand in the months ahead. The country also adopted the International Ready for Recycling Certificate framework, aligning with regional compliance requirements under the Hong Kong Convention. Steel plate prices in Bangladesh remained flat near USD 494 per ton, while the Taka weakened slightly.

Pakistan continued to lead pricing tables, supported by firm steel levels, stable currency performance near PKR 279.6, and rising anchorage activity totaling nearly 30,000 LDT across multiple bulk carriers. India’s anchorage activity also remained active with more than 47,000 LDT present, despite softer steel prices. Turkey remained quiet, with limited activity in Aliaga and the Lira weakening toward TRY 44.

This episode covers demolition pricing direction, steel and currency movements, port activity in Alang, Chattogram, and Gadani, and the ongoing shortage of recycling candidates. The discussion is intended for shipowners, cash buyers, recyclers, brokers, and maritime professionals following developments in the global demolition market

The global ship recycling market saw another sharp shift this week as the U.S. dollar weakened across nearly all recycling destinations, providing fresh support to buyer sentiment across the sub-continent. Steel fundamentals also strengthened significantly, with India, Pakistan, and Bangladesh reporting notable weekly jumps in local steel plate prices.

In this week’s ship recycling market podcast, Ingrid and Henning break down the latest movements in the Baltic Dry Index, oil prices falling below sixty-two U.S. dollars per barrel, and how improving domestic fundamentals are reshaping pricing expectations across the Indian sub-continent.

Pakistan continues to lead the market, supported by firm steel levels, improving currency performance, and renewed demand for dry bulk candidates. Bangladesh re-enters the spotlight as Chattogram activity increases, though uncertainty remains high with national elections approaching mid-February. India shows stronger footing as steel prices rebound and the Indian Rupee strengthens, while Turkey remains subdued, with Aliaga activity limited and the Turkish Lira continuing its gradual decline.

This episode also highlights the ongoing shortage of recycling candidates, increased interest in older handy bulkers and LNG units, and the evolving balance of supply and demand shaping demolition pricing into early 2026.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals tracking global demolition markets, this weekly discussion covers pricing direction, market sentiment, HKC compliance developments, and the key risks and opportunities currently shaping the ship recycling landscape.

The global ship recycling market enters February under renewed pressure as currency volatility, rising oil prices, and shifting fundamentals reshape buyer behavior across key recycling destinations.

In this week’s market update, Ingrid and Henning discuss how Pakistan strengthens its position following another HKC-approved yard and firm steel fundamentals, while Bangladesh returns to the bidding tables but remains constrained by weak steel prices, currency pressure, and upcoming elections. India stays active at the anchorage despite record Rupee weakness and soft plate prices, keeping pricing selective, while Turkey sees steady demand supported by RoRo arrivals even as the Lira continues to depreciate.

The episode also covers movements in the Baltic Dry Index, oil prices crossing USD 65 per barrel, regional currency trends, steel plate pricing across the sub-continent, HKC compliance developments, and evolving tonnage supply expectations as Q1 2026 unfolds.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals monitoring global demolition markets, this weekly conversation highlights pricing direction, compliance momentum, and the key risks and opportunities shaping the ship recycling landscape.

The global ship recycling market continues to shift as volatility, currency pressure, and limited vessel supply reshape buyer behavior across key destinations.

In this episode, Ingrid and Henning discuss the latest developments across the Indian sub-continent and Turkey, as market rankings reshuffle and sentiment moves rapidly week to week.

Bangladesh falls to the bottom of the regional pricing table amid weak bidding activity and upcoming elections, while Pakistan moves to the top following improved demand, reduced Iranian steel imports, and the addition of another HKC-compliant yard with Salams International receiving its Statement of Compliance from ClassNK.

India remains active for specialist tonnage such as LNG carriers and non-ferrous-rich vessels, though continued Indian Rupee weakness and steel price sensitivity keep recyclers cautious. Turkey experiences renewed activity with increased RoRo arrivals, even as ongoing Lira depreciation limits longer-term upside.

This weekly market conversation covers recycling pricing levels, currency movements, steel fundamentals, tonnage flows, and what shipowners, brokers, and maritime stakeholders should be watching as 2026 unfolds.

Designed for shipowners, cash buyers, recyclers, brokers, financiers, and maritime professionals monitoring global demolition markets and vessel recycling trends.

The global ship recycling market remains cautious as currency pressure, steel price volatility, and limited vessel supply continue to shape buyer behavior across key destinations.

In this episode, Ingrid and Henning break down the latest developments across the Indian sub-continent and Turkey, as recyclers navigate weakening local currencies, uneven steel plate prices, and selective demand for tonnage.

The discussion explores why recycling prices continue to hover around the critical USD 400 per LDT level, how Bangladesh has regained its position as the most competitive destination for large LDT vessels, why India’s early-year rebound quickly reversed, and why Pakistan remains eager for tonnage but constrained by limited deliveries and yard availability.

The episode also looks at renewed activity in Turkey following recent RoRo arrivals, the impact of a strong U.S. Dollar on recycling sentiment, and what shipowners should be watching as global uncertainty continues into early 2026.

This market update is designed for shipowners, brokers, recyclers, financiers, and maritime professionals tracking global demolition pricing, tonnage flows, and regional recycling trends.

Offshore units are not conventional ships, and recycling them safely requires a different level of planning, structural scrutiny, and environmental control. In this episode of Beyond the Last Voyage, Jamie Dalzell, Head of GMS Singapore, is joined again by Capt. Yogesh Rehani, Head of Operations at GMS, to discuss how GMS manages the last voyage of FPSOs, FSOs, semi submersibles, and jack up rigs.

Capt. Yogesh explains why these assets are more complex to prepare for recycling, including production systems, piping, residues, and the structural risks that come with age, steel wastage, and exposed topside equipment. The conversation covers towage readiness, flare mast protection, stability concerns, and the importance of emergency measures during ocean passages.

The episode also revisits landmark operations that helped reshape industry confidence, including the long distance tow of a semi submersible from Brazil and the successful delivery and beaching of a jack up rig in Chittagong, supported by rigorous inspection, daily monitoring, and alignment with marine warranty surveyor requirements.

Safety and environmental responsibility remain central throughout. Capt. Yogesh describes how GMS follows MARPOL and IMO expectations for residue control and documentation, and why cutting corners is never an option when lives, reputation, and environmental integrity are at stake.

Week 2 of 2026 brings heightened volatility to the global ship recycling market as geopolitical tensions, rising oil prices and unstable currencies reshape buyer sentiment across the sub-continent.

In this episode, Henning and Ingrid explain why USD 400 per LDT has become the key pricing level for shipowners, how Bangladesh has surged back to the top of the market, why India’s New Year rebound quickly reversed, and why Pakistan remains financially strong but constrained by HKC yard capacity. Turkey continues to struggle under a weakening lira and regulatory pressure, keeping Aliaga on the sidelines.

The episode also looks at how steel prices are shifting across India, Pakistan and Bangladesh, how Chinese New Year could affect vessel availability, and what owners with ageing ships should be watching as 2026 begins.

This episode covers:

• Ship recycling prices for bulkers, tankers and containers

• Bangladesh, India, Pakistan and Turkey market trends

• Steel plate price volatility

• Currency movements and buyer sentiment

• HKC yard capacity and certification limits

• Port activity and tonnage flows

This podcast is essential listening for shipowners, brokers, capital providers, recyclers, and maritime professionals tracking global scrap ship markets.

When a vessel is sold on an As Is Where Is basis, every operational, safety, and environmental risk transfers to the buyer. This first episode of Beyond the Last Voyage explains what that really means inside the global ship recycling industry.

Hosted by Jamie Dalzell, Head of GMS Singapore, this episode features Capt. Yogesh Rehani, Head of Operations at GMS, who has spent more than 25 years managing last voyage projects involving damaged, abandoned, and non-operational ships.

Listeners are taken inside the real world of ship recycling takeovers. From boarding vessels in blackout conditions to restoring flooded engine rooms and assessing fire and collision damage, Capt. Yogesh explains how GMS evaluates risk, stabilizes vessels, and moves them safely to recycling yards in the subcontinent.

The conversation includes real case studies, including a cruise ship with a flooded engine room that was repaired and sailed under its own power, a tanker that sat idle off West Africa for more than 14 years before being reactivated, and multiple fire damaged and collision damaged ships delivered through carefully engineered towage and voyage planning.

This episode shows how ship recycling is not just about steel. It is about marine engineering, risk management, crew safety, environmental protection, and honoring contractual commitments. GMS operates as a marine operator first and a cash buyer second, which is why shipowners, underwriters, and brokers rely on GMS when the stakes are highest.

Beyond the Last Voyage reveals the discipline, preparation, and technical judgment required to complete the final journey of a vessel safely and responsibly.

 

WHAT YOU WILL LEARN

• What As Is Where Is means in ship recycling contracts
• How dead ships and idle vessels are taken over and made seaworthy
• How flooded, fire damaged, and collision damaged vessels are assessed
• How naval architects, class, and marine warranty surveyors guide last voyages
• Why operational reliability matters more than price in recycling deals

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.

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.