GMS Podcasts

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.