GMS Podcasts

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.

 

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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.

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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.

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.

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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.

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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.

 

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