Offshore units are not conventional ships, and recycling them safely requires a different level of planning, structural scrutiny, and environmental control. In this episode of Beyond the Last Voyage, Jamie Dalzell, Head of GMS Singapore, is joined again by Capt. Yogesh Rehani, Head of Operations at GMS, to discuss how GMS manages the last voyage of FPSOs, FSOs, semi submersibles, and jack up rigs.

Capt. Yogesh explains why these assets are more complex to prepare for recycling, including production systems, piping, residues, and the structural risks that come with age, steel wastage, and exposed topside equipment. The conversation covers towage readiness, flare mast protection, stability concerns, and the importance of emergency measures during ocean passages.

The episode also revisits landmark operations that helped reshape industry confidence, including the long distance tow of a semi submersible from Brazil and the successful delivery and beaching of a jack up rig in Chittagong, supported by rigorous inspection, daily monitoring, and alignment with marine warranty surveyor requirements.

Safety and environmental responsibility remain central throughout. Capt. Yogesh describes how GMS follows MARPOL and IMO expectations for residue control and documentation, and why cutting corners is never an option when lives, reputation, and environmental integrity are at stake.

Week 2 of 2026 brings heightened volatility to the global ship recycling market as geopolitical tensions, rising oil prices and unstable currencies reshape buyer sentiment across the sub-continent.

In this episode, Henning and Ingrid explain why USD 400 per LDT has become the key pricing level for shipowners, how Bangladesh has surged back to the top of the market, why India’s New Year rebound quickly reversed, and why Pakistan remains financially strong but constrained by HKC yard capacity. Turkey continues to struggle under a weakening lira and regulatory pressure, keeping Aliaga on the sidelines.

The episode also looks at how steel prices are shifting across India, Pakistan and Bangladesh, how Chinese New Year could affect vessel availability, and what owners with ageing ships should be watching as 2026 begins.

This episode covers:

Ship recycling prices for bulkers, tankers and containers

Bangladesh, India, Pakistan and Turkey market trends

Steel plate price volatility

Currency movements and buyer sentiment

HKC yard capacity and certification limits

Port activity and tonnage flows

This podcast is essential listening for shipowners, brokers, capital providers, recyclers, and maritime professionals tracking global scrap ship markets.

When a vessel is sold on an As Is Where Is basis, every operational, safety, and environmental risk transfers to the buyer. This first episode of Beyond the Last Voyage explains what that really means inside the global ship recycling industry.

Hosted by Jamie Dalzell, Head of GMS Singapore, this episode features Capt. Yogesh Rehani, Head of Operations at GMS, who has spent more than 25 years managing last voyage projects involving damaged, abandoned, and non-operational ships.

Listeners are taken inside the real world of ship recycling takeovers. From boarding vessels in blackout conditions to restoring flooded engine rooms and assessing fire and collision damage, Capt. Yogesh explains how GMS evaluates risk, stabilizes vessels, and moves them safely to recycling yards in the subcontinent.

The conversation includes real case studies, including a cruise ship with a flooded engine room that was repaired and sailed under its own power, a tanker that sat idle off West Africa for more than 14 years before being reactivated, and multiple fire damaged and collision damaged ships delivered through carefully engineered towage and voyage planning.

This episode shows how ship recycling is not just about steel. It is about marine engineering, risk management, crew safety, environmental protection, and honoring contractual commitments. GMS operates as a marine operator first and a cash buyer second, which is why shipowners, underwriters, and brokers rely on GMS when the stakes are highest.

Beyond the Last Voyage reveals the discipline, preparation, and technical judgment required to complete the final journey of a vessel safely and responsibly.

WHAT YOU WILL LEARN

Week 1 of 2026 starts with heavy geopolitical noise and mixed macro signals, and ship recycling markets respond with a clear reshuffle across the main destinations. In this episode, Ingrid and Henning cover what is moving sentiment, how currencies and steel are shaping bids, and where recycling candidates are most likely to end up in the near term.

This week in the markets:

Port position: Chattogram reported arrivals totaling about 39,560 LDT this week, while Alang and Gadani reported no new vessels.

Indicative recycling levels for Week 1 2026 (USD per LDT):

For the full written weekly with tables and port position details, download it from the GMS App or subscribe to receive it by email each week.

As 2025 comes to a close, GMS Weekly - Week 52 delivers a comprehensive year-end overview of the global ship recycling and demolition market, highlighting key trends, pricing movements, and compliance developments across the major recycling destinations.

In this episode, Henning and Ingrid reflect on a turbulent year shaped by scarce vessel supply, declining steel plate prices, volatile currencies, and continued uncertainty across global freight markets. Despite softer pricing compared to early-2024 highs, meaningful progress on Hong Kong Convention (HKC) compliance across the Indian sub-continent provides a constructive outlook heading into 2026.

Market highlights this week include:

A quiet holiday market with no reported recycling sales, reflecting continued supply tightness.

Bangladesh closing the year with filled yards, flat steel trading, improved port efficiency, and cautious optimism ahead of 2026.

India ending 2025 under pressure from falling steel prices and a weaker rupee, despite a resilient broader economic backdrop.

Pakistan reaching a major milestone with its first HKC-approved ship recycling yard, positioning Gadani for increased competitiveness in 2026.

Turkey remaining subdued as currency weakness and limited tonnage keep Aliaga quiet.

Freight markets easing further, potentially delaying recycling candidates into early 2026 as owners await surveys and dry-dock cycles.

Indicative recycling levels for Week 52 (USD/LDT):

Bangladesh: Bulker 410 | Tanker 430 | Container 440

Pakistan: Bulker 400 | Tanker 420 | Container 430

India: Bulker 380 | Tanker 400 | Container 410

Turkey: Bulker 270 | Tanker 280 | Container 290

As the industry looks ahead, HKC-ready capacity, regulatory compliance, and timing of vessel supply are expected to define recycling market dynamics in the year ahead.

Tune in for a concise, data-driven wrap-up of 2025 and what it means for ship recycling markets in 2026.

In this episode, Jamie Dalzell, Head of GMS Singapore, speaks with Dr. Anand Hiremath, GMS Chief Sustainability Officer and lead of SSORP, the Sustainable Ship and Offshore Recycling Program.

In ship recycling, many incidents happen when routine takes over and basic checks are skipped to keep work moving. This conversation focuses on the small actions that prevent harm on the ground: the pause before lighting the torch, a gas check repeated when conditions change, a supervisor choosing not to overlap high risk jobs, and a near miss report that results in a real fix.

What SSORP has delivered this year (so far)

Topics discussed in this episode

Key takeaways for different roles

This episode is a practical look at training that supports safer work shift by shift across ship recycling yards.

In this Week 51 episode, Ingrid and Henning break down the latest ship recycling and demolition market signals across Bangladesh, India (Alang), Pakistan (Gadani), and Turkey (Aliaga).

This week delivers a sharp reminder of December volatility: freight markets continue to ease, the U.S. Dollar remains unstable, oil holds at relatively low levels, and local steel plate prices shift across the sub-continent. With the Hong Kong Convention (HKC) now in force, recyclers continue adapting to higher compliance expectations, while owners watch pricing and delivery timing closely heading into year-end.

Market overview highlights:

Lower supply remains the defining theme, even as fixtures and arrivals begin to surface across sub-continent beaches.

Bangladesh sees another price reset as steel plate prices drop quickly and yard capacity remains a key factor.

India remains under pressure overall, but the Rupee firms and local plate prices rebound, adding short-term optimism.

Pakistan strengthens its position with firmer domestic steel and ongoing HKC momentum, though delivery delays remain a concern.

Turkey stays largely sidelined as restrictions and currency weakness keep Aliaga quiet.

Indicative recycling levels this week (USD per LDT):

Bangladesh: Bulker 410 | Tanker 430 | Container 440

Pakistan: Bulker 400 | Tanker 420 | Container 430

India: Bulker 380 | Tanker 400 | Container 410

Turkey: Bulker 270 | Tanker 280 | Container 290

Also in this episode:

If you want the full market context, pricing direction, and port position snapshots, follow GMS for weekly ship recycling intelligence.

Season’s greetings to you and your families, and thank you for listening.

In Part 3 of Ship Recycling Insurance Explained, host Jamie Dalzell and Paulina, Head of Insurance at GMS, look ahead at the technologies, regulations, and ESG expectations that will shape the next phase of maritime risk management. As ship recycling becomes more regulated and data driven, owners, insurers, and recycling partners rely on stronger verification systems and real-time information to manage final voyage exposure.

Paulina explains how digital tools, vessel tracking, AI based routing, and improved certification processes are increasing transparency and reducing risk across the recycling chain. The conversation highlights how insurers are now linking coverage and premium terms to ESG performance, worker safety standards, carbon considerations, and responsible recycling practices. The episode also explores how GMS prepares for regulatory change by strengthening audits, working with reputable insurers, and investing in digital monitoring to maintain high operational standards.

Topics include:

This final episode ties together the themes of the series and shows how the future of ship recycling insurance will be shaped by technology, ESG performance, and evolving international standards.

In this Week 50 edition of the GMS Weekly Podcast, Grace and Ryan break down the latest ship recycling / demolition market developments across Bangladesh, India, Pakistan, and Turkey.

Week 50 delivers “December Downers” as sentiment weakens into year-end: the Baltic Dry Index (BDI) slips nearly 4% (with Capes down 5.6%), and oil retreats over 3% to around $57.61/bbl. A strong U.S. Dollar, softer local steel plate prices, and limited tonnage continue to pressure bids—pushing many sub-continent indications toward $400/LDT and below.

Bangladesh remains top-ranked but faces declining fundamentals—local plate prices drop about $9/ton into the high-$490s, and political risk rises with elections confirmed for Feb 12, 2026. India (Alang) stays the weakest as steel levels ease to roughly $377/ton, and the INR hits around 90.50 to the Dollar. Pakistan (Gadani) remains quiet despite ongoing Hong Kong Convention (HKC) progress; inflation sits near 6.1%, plate levels around $575/ton, and the PKR near 280.35. Turkey (Aliaga) is stable but slow, with the TRY near 42.70.

Indicative price levels this week (USD/LDT):

For the full report, rankings, and port positions, download the GMS Weekly via the GMS App or our website. Follow GMS on LinkedIn and social media for daily ship recycling market updates.

In Part 2 of Ship Recycling Insurance Explained, Jamie Dalzell and Paulina, Head of Insurance at GMS, examine how insurance helps manage market volatility, political risk, and compliance pressures in global ship recycling. Many recycling destinations face currency restrictions, regulatory challenges, and shifting geopolitical conditions, and this episode explains how structured insurance programs provide stability and protection throughout the final voyage.

Paulina outlines how GMS works with global reinsurers, A rated insurance markets, and experienced local correspondents to secure reliable coverage, even in complex jurisdictions. She also discusses how tailored policy wording addresses sanctions, convertibility and enforceability concerns, and the wider risk environment surrounding ship recycling. The episode highlights the growing influence of ESG standards and how insurance supports verification of safe manning, pollution safeguards, and green recycling requirements.

Topics include:

This episode shows how insurance helps GMS navigate uncertainty and maintain safe, compliant, and responsible recycling operations across multiple jurisdictions.