GMS Podcasts

In this Week 43 edition of the GMS Weekly Podcast, we review another subdued week in the global ship recycling markets as currencies fluctuated, steel plate prices softened, and sentiment across India, Bangladesh, Pakistan, and Turkey remained weak. Global Market Overview Markets slowed across the board as the Baltic Dry Index slipped about 3.2% to its lowest level since early October. Oil prices found mild traction, firming to USD 62.14 per barrel, up roughly 1% on expectations of a possible China–U.S. trade deal. Inflation in the United States rose to 3%, while sanctions and tariff pressures added further uncertainty. Recycling prices across the Sub-continent continued to fall, with levels below USD 400 per LDT now widely discussed. Supply of tonnage remained extremely limited, leaving yards mostly idle despite steady freight markets. Bangladesh Chattogram showed sporadic activity with a few larger LDT units drawing attention, including LNG carriers PUTERI NILAM and PUTERI DELIMA sold en bloc on private terms, and bulker MONICA P (7,779 LDT) sold at USD 380 per LT LDT “as is” Belawan. The Taka weakened to BDT 122.35, while local steel plate slipped another USD 3 per ton. Elections scheduled for February 2026 continue to shape local sentiment. India Alang endured another quiet week as Diwali holidays passed with little recovery. Steel plate prices remained near USD 389 per ton, and the rupee closed at INR 87.54. More than 100 HKC-certified yards remain empty, as prices for clean tonnage fall below USD 400 per LDT and the arrival of shadow-fleet vessels further depresses sentiment. Pakistan After recent optimism, Gadani slowed again due to an influx of cheap Iranian scrap steel. Local recyclers hesitated to offer on limited tonnage as plate prices held near USD 614 per ton. The rupee weakened to PKR 283.50 per USD. Larger dry units remain preferred, while smaller vessels are avoided amid certification delays. Turkey Little movement was recorded in Aliaga as the Lira slipped to TRY 42.08 per USD and local steel values remained largely unchanged. Offers stayed within USD 250–270 per LDT as sentiment stayed weak. Market Sentiment With October ending, global freight remains firm and oil prices higher, but the recycling sector continues to face record-low supply, fading prices, and growing uncertainty. 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.

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 GMSSustainable 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.  

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.

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.

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.

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.

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 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.

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.

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.

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.

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

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. 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 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?