GMS Podcasts

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.

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.  

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.

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.  

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.   Subscribe to the full GMS Weekly for complete demo pricing, delivery schedules, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms_leadership Facebook: https://www.facebook.com/gmsleadership/

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.  

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 GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms_leadership Facebook: https://www.facebook.com/gmsleadership/

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. Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.

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 GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms_leadership Facebook: https://www.facebook.com/gmsleadership/

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.   Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.    

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.   Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.

In this Week 31 edition of the GMS Weekly Podcast, we examine the latest market shifts as global tariffs ripple through recycling sentiment. India stays active with steady arrivals of high-value tankers and LNGs. Pakistan leads on pricing and continues to secure dry tonnage. Bangladesh remains quiet, grappling with steel backlogs and regulatory hurdles. Turkey sees no change, with a soft Lira and minimal port activity. We also track HKC procedural clarity, regional delivery updates, and what market participants can expect through August.   We cover: India's Activity: Tankers and LNGs continue arriving at Alang. Despite currency pressure, HKC-certified infrastructure and strong non-ferrous demand keep India in focus. Pakistan Leads: Firm pricing and consistent steel fundamentals support new arrivals. The Rupee strengthens and provisional DASR yard upgrades add momentum. Bangladesh Slows: Minimal activity at the waterfront. Yard readiness remains mixed, and monsoon delays continue to affect operations. Turkey Stalls: The Lira weakens again. No new arrivals or sales reported.   Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS   GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In Episode 6 of the GMS Hong Kong Convention Podcast Series, Ingrid and Henning examine how the Sustainable Ship and Offshore Recycling Program (SSORP) is helping shipowners and ship recycling yards meet regulatory and ESG expectations under the Hong Kong Convention. This episode explains how SSORP provides a full-cycle approach, from Inventory of Hazardous Materials (IHM) preparation to post-recycling documentation. It also highlights the program's role in supporting yards across India, Bangladesh, and Pakistan, and the real-world systems that have been developed for compliance, supervision, and transparency. Key discussion points include: The SSORP process, from vessel planning to final reporting How SSORP has provided technical assistance to yards seeking Hong Kong Convention Statements of Compliance Free safety awareness sessions conducted for over 10,000 yard workers in South Asia The importance of trained, on-site supervisors for monitoring dismantling and safety SSORP's role in enabling the issuance of the first International Ready for Recycling Certificate (IRRC) under the new HKC regime How owners can meet ESG and investor requirements using verified, structured data from SSORP activities This conversation is relevant to shipowners, compliance officers, financial institutions, and regulatory stakeholders navigating end-of-life vessel recycling in South Asia.   GMS Mobile App: https://onelink.to/gms-app Linkedin: https://www.linkedin.com/company/gms-leadership X: https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In this Week 30 edition of the GMS Weekly Podcast, we cover the latest updates in global ship recycling. India takes the lead with a series of large LNG vessel deals, strong yard occupancy, and improving fundamentals. Pakistan continues to secure tonnage, while Bangladesh faces slow approvals and reduced yard activity. We explore regional shifts, currency fluctuations, delivery timelines, and the broader impact of the Hong Kong Convention on subcontinent recyclers. We cover: India's Momentum: Two Moss-type LNGs sold for over USD 640 per LDT. Alang receives over 107,000 LDT in one week, driven by non-ferrous-rich tonnage. Pakistan Holds Position: Gadani sees en bloc dry bulk acquisitions with bunkers onboard. Local steel prices remain high, and the Rupee shows modest recovery. Bangladesh Slows Down: No new arrivals reported. Delays in cutting permissions and weak domestic demand continue to affect sentiment. Turkey Remains Quiet: The Lira weakens further. No vessel arrivals, despite falling interest rates and slight economic easing. Also in this episode: Freight market outlook as the Baltic Dry Index shows further gains How currency movements are shaping buyer behavior What to expect in August as HKC compliance increases across yards   Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS   GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In Episode 5 of the GMS Hong Kong Convention Podcast Series, Ingrid and Henning unpack the confusion that persists, even after the Hong Kong Convention (HKC) has entered into force. With overlapping rules from Basel, EUSRR, and flag states, many shipowners are still asking: Can I recycle this vessel safely, without facing legal or regulatory fallout? Drawing from the GMS HKC Webinar Series, this episode features insights from Sveinung Oftedal, Nikos Mikelis, Anaëlle Boudry, and George Novak, who highlight the regulatory tension, legal risks, and practical workarounds for responsible shipowners. Learn what really works and what to watch out for when navigating the global compliance maze. Key Topics Covered: Why HKC isn't enough on its own How Basel Convention and EU SRR create overlapping controls The role of flag states, port states, and OECD departure points What Article 11 means and why harmonization still lags How HKC-aligned ship recyclers are being penalized despite compliance What shipowners must document to stay legally protected   GMS Mobile App: https://onelink.to/gms-app Linkedin: https://www.linkedin.com/company/gms-leadership X: https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In this episode of GMS Weekly, hosts Henning and Ingrid chart another week of volatility in global ship recycling. From rising inflation to stalled tonnage flows, the sector continues to navigate unpredictable waters under pressure from geopolitics, monsoons, and evolving HKC regulations. We cover: Global Headwinds: Inflation ticks up, oil slides, and the Baltic Dry Index hits a 10-month high Regional Shake-Up: Pakistan leads pricing tables with new bulkers incoming; India holds firm with 100+ certified yards and fresh LNG tonnage; Bangladesh shows activity but struggles with documentation delays Turkey's Retreat: The Lira freefalls past 40.40 while Aliaga ends the week empty-handed Also in focus: Impact of Red Sea disruptions on container recycling Ongoing tariff threats and how they're reshaping trading behavior Delivery delays and buyer sentiment shifts under HKC compliance hurdles   Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS   GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In Episode 4 of the GMS Hong Kong Convention Series, Ingrid and Henning move the focus from yard-level transformation to strategic impact. The central question: Can compliance with the Hong Kong Convention unlock capital, reduce risk, and create real commercial value? This episode explains how ESG-aligned recycling, supported by frameworks like the Sustainable Ship and Offshore Recycling Program (SSORP), is reshaping how the industry defines success. With practical insights from shipowners, flag states, and financial institutions, listeners will understand how transparency, traceability, and verified metrics are now essential in maritime decision-making. This conversation is relevant for shipowners preparing for green financing, insurers assessing risk, or regulators tracking how ESG moves from reporting to real-world implementation.   Key Points: ESG expectations in ship recycling and why they matter now How HKC compliance improves access to financing and insurance The role of SSORP in supporting audit-ready and verifiable reporting What stakeholders like flags and banks expect from shipowners today How data-driven ESG reporting can provide a competitive edge   GMS Mobile App: https://onelink.to/gms-app Linkedin: https://www.linkedin.com/company/gms-leadership X: https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In this episode of GMS Weekly, hosts Henning and Ingrid unpack the shifting tides in global ship recycling for Week 28. As monsoon markets drag and Trump's tariff rhetoric escalates, volatility continues to plague the sector. We cover: Rising macroeconomic tensions: Tariff threats on Bangladesh to Brazil, Turkish Lira cracks 40, and steel prices climb across the board Subcontinent dynamics: India stays steady with over 100 HKC-compliant yards and strong tonnage flow; Bangladesh hits sub-USD 400/LDT lows amid regulatory confusion; Pakistan books new tonnage with interim HKC certs A rare win for Turkey: Despite currency collapse, Aliaga concludes a general cargo vessel sale Stay ahead with our insight into: Market pricing trends and sentiment shifts Regulatory adaptation under HKC Strategic options for owners and cash buyers Subscribe to GMS Weekly for complete demo pricing, port-by-port vessel positions, and tonnage intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS   GMS Mobile App & Social Links: GMS Mobile App: https://onelink.to/gms-app LinkedIn: https://www.linkedin.com/company/gms-leadership X (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In this third episode of the GMS Hong Kong Convention Series, Ingrid and Henning focus on the critical role of recycling yards under the Hong Kong Convention, which came into force on 26 June 2025. Listeners will hear how yards across India, Bangladesh, Pakistan, and Türkiye are transforming, with hundreds now HKC-certified or actively upgrading to meet international standards. This episode explains how yard-level improvements, supported by Ship Recycling Facility Plans and third-party audits, contribute to global ESG goals and build trust across the maritime value chain. The episode also highlights GMS's Sustainable Ship and Offshore Recycling Program (SSORP), which supports recycling yards and shipowners alike through training, documentation, and carbon reporting, with verification by LRQA. For shipowners, financiers, insurers, and regulators, HKC-ready yards offer more than compliance; they reduce risk, protect investments, and enhance transparency. Key points: Yard-level progress and capacity growth in key recycling countries Why HKC-compliant yards benefit owners, financiers, and insurers How SSORP supports ground-level implementation and ESG audits Real-world impact of cultural change, training, and certification

In this episode of GMS Weekly, hosts Henning, Ryan, Grace, and Ingrid break down the major market movements in global ship recycling for Week 27 (July 4, 2025). With the Hong Kong Convention now officially in force, South Asia's ship recycling landscape is shifting fast. India holds steady with over 100 HKC-compliant yards, while Bangladesh and Pakistan scramble to upgrade amid declining prices and tighter tonnage supply. We cover: Macroeconomic pressures: oil at USD 66.5/barrel, inflation woes, and a falling Baltic Exchange. Subcontinent sentiment: India's predictability, Bangladesh's sub-USD 400/LDT offers, and Pakistan's early upgrade efforts. Turkey's ongoing regulatory red tape and a fire incident dampening its yard activity. Stay ahead with our analysis of: Regional pricing trends Compliance dynamics under HKC Where to position your vessels next Subscribe to GMS Weekly for complete demo pricing, port-by-port breakdowns, and vessel intelligence: https://www.gmsinc.net/get-in-touch?#SubscribeToGMS   GMS Mobile App: https://onelink.to/gms-app Linkedin: https://www.linkedin.com/company/gms-leadership X: https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms__leadership Facebook: https://www.facebook.com/gmsleadership/

In this second episode of the GMS Hong Kong Convention Series, Ingrid and Henning dive into what the HKC's entry into force on 26 June 2025 really means for shipowners. From compliance requirements to commercial benefits, this episode breaks down the practical steps shipowners must take now. Learn why an Inventory of Hazardous Materials (IHM) is essential, how to select an HKC-compliant yard, and where documentation plays a crucial role. They also explore how the Sustainable Ship and Offshore Recycling Program (SSORP) supports owners through every stage, with verified ESG data, carbon footprint tracking, and certified procedures from LRQA. If you are an owner, this episode is your roadmap to stay compliant, protect your brand, and lead the market shift toward responsible recycling. Key Points: What HKC compliance means now that it's in force Immediate action items for shipowners (IHM, yard selection, documentation) SSORP's role in supporting full HKC compliance Commercial and ESG advantages for early movers Next Episode: How ship recycling yards are upgrading for HKC and what that means for the entire maritime chain.  

In the final episode of the GMS podcast series on the Hong Kong Convention, we look ahead to what happens after HKC enters into force on June 26, 2025. Will the Convention deliver its promise of safe and sustainable ship recycling globally? Or will legal conflicts with the Basel Convention slow down its impact? Host Henning speaks with Dr. Nikos Mikelis and Dr. Anand Hiremath about what the maritime industry needs to prepare for now. Key questions explored: What changes for shipowners, flag states, and recycling yards after June 2025 How certified yards in India, Bangladesh, and Turkey are preparing Risks from overlapping regulations, especially Basel's Ban Amendment Whether global capacity is enough to meet demand for compliant recycling The future role of technology, ESG reporting, and traceability tools What governments must do next to resolve legal uncertainty This is an essential conversation for anyone involved in maritime operations, ESG, policy, or ship end-of-life planning. Join the Final GMS Webinar: Charting the Future On June 26, 2025, GMS is hosting a key live webinar session: “Charting the Future: Can the Competing Requirements of the Two Conventions Be Aligned?” This session features international regulators, policymakers, and industry leaders discussing the HKC–Basel conflict and how to ensure a practical path forward. Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg One registration gives you access to all three parts of the webinar series. Subscribe to the GMS Podcast and follow GMS on LinkedIn to stay informed.

In Part 2 of the GMS podcast series on the Hong Kong Convention (HKC), we focus on what happened after the Convention was adopted in 2009. Why did it take 16 years to come into force? What practical and political challenges slowed down global adoption? Host Henning is joined again by Dr. Nikos Mikelis, a central figure in HKC's development, and Dr. Anand Hiremath, Chief Sustainability Officer at GMS, who has been directly involved in transforming ship recycling yards in South Asia. Topics covered in this episode: Why HKC did not enter into force until 2025 Misconceptions about compliance costs and operational impact Real-world transformation of yards in India, Bangladesh, and Pakistan The role of audits, training, and classification societies in verification How HKC compares with the EU Ship Recycling Regulation and Basel Convention This episode highlights the practical journey from policy to real change, based on over a decade of on-the-ground work. Register for the GMS HKC Webinar Series To mark the entry into force of HKC on June 26, 2025, GMS is hosting a three-part live webinar series titled: “HKC Compliance: What the Maritime Industry Needs to Know” The first session, “From Convention to Transformation,” takes place on June 25, 2025. Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg Join leaders from across the maritime sector to explore lessons from implementation and what global compliance means moving forward. Subscribe to the GMS Podcast and follow GMS on LinkedIn for future updates and discussions.

Episode 1: The Origin Story of the Hong Kong Convention This episode launches the GMS exclusive podcast series on the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC). Host Henning is joined by Dr. Nikos Mikelis, former senior official at the IMO and key contributor to the HKC, and Dr. Anand Hiremath, Chief Sustainability Officer at GMS, to explore: Why existing international regulations failed to address unsafe ship recycling What led the IMO to create a new, ship-specific framework How the Hong Kong Convention was developed from the ground up What “safe and environmentally sound” recycling actually means in practice This episode provides critical background for understanding the Convention before it enters into force on June 26, 2025.   Register for the GMS HKC Webinar Series To mark this milestone, GMS is hosting a live three-part webinar series: “HKC Compliance: What the Maritime Industry Needs to Know” The first session, “From Convention to Transformation”, takes place on June 25, 2025. Register here: https://us06web.zoom.us/webinar/register/9417485435018/WN_kLd2bjyvRxuaO3ZnZ1o3jg Join global maritime leaders, policymakers, and industry stakeholders as they discuss HKC implementation, legal conflicts with Basel, and the future of ship recycling. Stay updated on future episodes by subscribing to the GMS Podcast and following GMS on LinkedIn.

Ingrid and Henning kick off the GMS Hong Kong Convention Series with a clear look at how the new regulations will reshape ship recycling. They trace the story from adoption in May 2009 to the moment the final ratifications locked the Hong Kong Convention into force on 26 June 2025. Along the way you will hear why early movers such as Norway, Japan, and four pioneering Indian yards matter; how ClassNK helped craft practical yard procedures; and where the EU's existing rules sit in the bigger picture. Key points • Entry-into-force timeline and criteria • Benefits for owners, cash buyers and recycling yards • How HKC can deliver greener results than current EU regulation Next episode: What shipowners need to do before 26 June 2025

Pankaj Khanna, CEO of Heidmar Shipping, speaks about how the company is preparing for the future of maritime. Pankaj shares his insights on the challenges the industry faces and what Heidmar is doing to address them.

Three ship recycling experts offer a frank assessment of working practices in Alang, the pace of progress and the scale of the challenge ahead. Guests: Dr. Anand Hiremath, Chief Sustainability Officer, GMS Vishaal Raj Soni, CEO, Leela Group Ship Recycling Yards Vikram Purohit, Marine Surveyor & Senior Ship-recycling Specialist at Lloyd's Register

Jamie Dalzell talks about the introduction last week of a USD 5 million limit on Letters of Credit (LCs) in Bangladesh. He considers the impact the financial restriction will have on recyclers in Chattogram and the wider impact on shipowners looking to sell higher LDT vessels. He addresses the market situation in India and the effect of steep price volatility on end buyer mood and willingness to purchase new tonnage.

Amit Malhotra shares his views on the state of the recycling market with an analysis of why prices are levelling off around US 600/LDT, down from the earlier peak of USD 700/LDT. He provides insight into the reasons for and future direction of Subcon currency volatility and explains how owners in Japan are extending the trading lives of their elderly vessels to take advantage of the positive freight market environment.

As the debate over fuel transition heats up, we speak to veteran ship finance lawyer Harry Theochari about financing shipping's journey towards net zero.

A quick round-up of the main recycling markets with our senior trader in Seoul Gyungbae Gill, looking at currency developments and buying sentiment across the sub continent.

A quick round-up of the main recycling markets with our senior trader in Singapore Jamie Dalzell, looking at currency developments and buying sentiment across the sub-continent.

A comprehensive post-Posidonia round-up of the demo market explaining recent falls sustained across all subcontinent recycling markets, reasons for the price corrections and outlook for the coming weeks and months. 

Senior GMS Trader Simos Dimitriou reveals how the ongoing sub-continent collapse in prices fully materialized this week during a frank conversation with Jon Chaplin on the GMS Podcast.  He talks about the havoc being caused by a handful of Pakistan recyclers refusing to play ball and urges owners with fresh tonnage for the demo market to sit back and wait for the dust to settle before committing to any new deals.

After another challenging trading week for the ship recycling markets, we talk to GMS Trader Chenjie Zhu about the impact of a widening price expectation gap between owners and recyclers, and the long term implications for some Pakistan yards stemming from their decision to walk away from buying commitments.

Subcontinent markets have taken a turn for the worse this week as collapsing steel prices in India and Eid holidays in Pakistan, Bangladesh and Turkey have led to weaker sentiment and virtually no new offers on any available tonnage.  Are the fundamentals changing or will normal record-high service be resumed when Bangladeshi breakers are back from their break?  

A fresh look at the use of AI data to help avoid sanction headaches, counterparty due diligence, establishing an appropriate level of evidence, ESG (moral sanctions – self-regulation) and the role of human intuition and experience in interpreting data.

Demo prices and analysis from the key ship recycling locations of India, Bangladesh, Pakistan and Turkey. This week we hear from GMS Trader Kiran Thorat on what is driving prices up in India, what to expect from Bangladesh recyclers between now and Monsoon and what happened to the US$700/ton being discussed in recent weeks.

Container market analyst Peter Sand on what's driving the box ship market, the impact of China's Shanghai lockdown, how shippers are now adapting to a sustained period of inflated freight rates, and how owners weigh up the options to recycle vs further trading.

GMS' weekly round-up of the ship recycling markets in India, Pakistan, Bangladesh, and Turkey. 10 minutes or less of the key talking points covering demo prices, trends, and notable vessel disposals. This week Jon Chaplin talks to GMS Trader Kamal Datta about the “plummet from the summit” in Bangladesh, the Indian recycling roller coaster, a resurgent Pakistan and the impact of the Russia / Ukraine conflict on oil and steel prices.

In its latest podcast, GMS talks to leading shipping barrister James M. Turner QC of Quadrant Chambers about the challenges associated with scrapping large vessels and the moves towards better standards in India and Bangladesh. Confirmation last week of Norway's first jail term handed down to a shipowner for illegal scrapping has turned the spotlight back on the laws governing ship recycling. “It's a minefield,” admits Turner referring to both the reputation risk and the threat of conventional litigation “if [shipowners] don't get it absolutely right.” Quizzed on what shipowners can do to protect themselves when recycling, Turner draws a distinction between a negative and positive approach. “If you don't want to be held liable, which is the negative approach, you have to bear in mind that merely because you no longer own the ship when it is taken to the yard, that may not be an answer to a claim brought against you.” He goes on to say, that although not yet tested in court, owners may be able to protect themselves to some extent by “requiring that [the ship] goes to a yard that is Hong Kong certified.” A more positive approach he says, is to consider your company's ESG aspirations and “pick a yard that has a good reputation, the right certification” and consider engaging a compliance monitoring service to oversee the dismantling, noting that GMS offers clients' a sustainable recycling package via its Sustainable Ship & Offshore Recycling Program (SSORP). Turner says he has sympathy for shipowners with recycling decisions on the table. “You've got an asset which can realise some money at the end of its life” and suggests owners should plan accordingly as their vessels approach end of life. Owners who fall foul of the law and find themselves with their “foot in the trap” do so with their eyes open he says, now that “it's perfectly possible to do the right thing”. Changes in the way ships are recycled at the waterfront is happening “as recycling yards come to experience that there is money to be made in doing a job properly”. Turner points to “so much of the world's tonnage” that will be pushed towards recycling in order to meet the climate change goals.

GMS' weekly round-up of the ship recycling markets in India, Pakistan, Bangladesh, and Turkey. 10 minutes or less of the key talking points covering demo prices, trends, and notable vessel disposals. This week Jon Chaplin talks to GMS Senior Trader Vagelis Chatzigiannis about the challenges of scrap price volatility, market corrections, a return to confidence in Alang, and the reasons for prices edging towards an eye-watering USD 500/LDT in Turkey.  

GMS' weekly round-up of the ship recycling markets in India, Pakistan, Bangladesh and Turkey. 10 minutes or less of the key talking points covering demo prices, trends and notable vessel disposals. This week Jon Chaplin talks to GMS Trader Faidon Panagiotopoulos about record prices, end buyer hesitancy, market corrections, why more ships are not coming to the market, and much more.

Leading maritime lawyers discuss the challenges for shipping posed by an “unprecedented” range of maritime sanctions against Russia. What do sanctions mean for chartering contracts, sale and purchase, KYC and staying on the right side of OFAC.

GMS' weekly round-up of the ship recycling markets in India, Pakistan, Bangladesh, and Turkey. 10 minutes or less of the key talking points covering ship demo prices, trends, and notable vessel disposals. This week Jon Chaplin talks to GMS Trader Jamie Dalzell.

Guests:  Lieve Logghe, Chief Financial Officer, Euronav  Gudrun Janssens, Head of Environmental & Technical Affairs, Royal Belgian Shipowners Association  We talk to Euronav CFO Lieve Logghe about how the company was able to reduce its depreciation by Euro 100m and steel's role in the circular economy. And hear from Ms. Janssen about the progress of ship recycling regulations and the sustainability (or not) of proposed changes to the EU WSR.  

Ship financier Morten Arntzen kicks off our podcast series with a realistic assessment of the tanker market, the need for scrapping and the challenges and opportunities for shipping presented by EEXI and the EU ETS. He talks candidly about his impressions from visiting HKC compliant yards in Alang. Plus what advice he would give to his 25-year-old self.

GMS is the world's largest cash buyer of ships and offshore assets for recycling. We help our clients achieve their residual value expectations and ensure the safe and environmentally sound demolition of their vessels. We offer free training to recycling yard workers in India, Pakistan, and Bangladesh through our Sustainable Ship and Offshore Recycling Program. We at GMS are avid consumers of podcasts and absolutely love them. We feel lucky to work in shipping, we love what we do, and we like talking about it.  In GMS podcasts, we will be discussing the big picture issues of crew welfare, De-carbonization. ESG, Ship Recycling, Supply Chain crisis, etc. There will be discussions with people whose ideas and actions today are shaping the shipping industry in 2030, 2050, and beyond. We will also cover something close to our hearts and probably to every shipowner's - Residual Value.