GMS Podcasts

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.

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.