GMS Podcasts

In this Week 26, 2026 episode of the GMS Weekly Podcast, we analyze a turning point for the global ship recycling market as the Strait of Hormuz reopens, vessel traffic begins to recover, Brent crude falls below USD 74 per barrel, and freight markets continue to normalize.

The war premium that supported older vessels trading at sea is now unwinding. Brent has dropped sharply from wartime highs, WTI is below USD 70, and the Baltic Dry Index has eased from its June peak. For ship recycling, this changes the supply outlook: older tonnage has fewer reasons to keep trading, and the first post-reopening sale marker has appeared with the Andhika Paramesti, a 9,369 LDT bulker, sold to Bangladesh at USD 460 per LDT on an as-is Sambu basis.

However, recycling yards across the Indian subcontinent are not yet able to fully absorb the expected candidate flow. Ashura holidays and the South Asian monsoon continue to slow beaching activity in Bangladesh, India, and Pakistan. The result is a market where ships are moving again, the recycling queue is building, but the yards are still waiting for weather and timing to improve.

This episode covers the latest market conditions in Bangladesh, India, Pakistan, and Turkey, including steel prices, currency movements, yard appetite, compliance positioning, and the changing post-war dynamics across Chattogram, Alang, Gadani, and Aliaga.

Key themes this week: Strait of Hormuz reopening, falling oil prices, cooling dry bulk freight, emerging recycling supply, Bangladesh demand, India’s recovering Rupee, Pakistan’s fading wartime premium, Turkey’s regulated niche role, and monsoon-related beaching delays.

For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

The global ship recycling market has entered a new chapter as the United States and Iran sign an interim peace agreement, reopening the Strait of Hormuz after more than 100 days of closure.

In Week 25 of 2026, Brent crude collapsed to approximately USD 78 per barrel, erasing the entire war premium that had carried prices above USD 126 in late April. WTI also eased toward USD 75, while sanctions relief and the restart of halted Gulf oil production shifted market focus from supply disruption to potential oversupply.

For the global ship recycling industry, this is a major turning point. The two forces that kept older vessels trading instead of recycling, high bunker costs and strong freight earnings, are now weakening together. The Baltic Dry Index eased to around 2,653 on June 17, while daily Capesize earnings fell to approximately USD 35,162 from the late-May high near USD 49,511.

However, the timing remains difficult. Although peace has reopened the sea route and reduced the bunker-cost floor, the Indian subcontinent is now deep in the monsoon season. Bangladesh, India, and Pakistan continue to show demand, financing, and yard appetite, but beaching activity remains limited by weather.

This week’s episode examines:

Key market takeaway:

Peace is signed. The premium is gone. The ships are moving. But the rains reign.

For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

Why do ship recycling prices differ between Bangladesh, Pakistan, India, and Turkey when all markets are driven by steel?

In Episode 2 of Steel, Ships, and Recycling Values, Nayeem Noor, VP - Business Development and Communications at GMS, speaks with Jamie Dalzell, Head of the GMS Singapore Office, about why recycling destinations convert steel value into bids differently.

The discussion explains how Bangladesh, Pakistan, India, and Turkey each price vessels through their own mix of steel demand, currency, banking support, LC availability, yard appetite, compliance capacity, downstream liquidity, and timing risk.

This week’s market backdrop shows why regional price spreads matter. Bangladesh continues to show strong demand and workable LC support, but monsoon timing and physical beaching windows remain key constraints. Pakistan remains firm when steel and currency align, while India continues to offer depth, compliance capacity, and flexibility even when it is not the highest headline market. Turkey remains a distinct recycling destination for EU-linked, regulatory, or geography-driven cases.

For shipowners, brokers, financiers, traders, and maritime professionals, this episode offers a practical explanation of why the highest headline price is not always the best recycling deal. The right recycling destination depends on the vessel, buyer quality, finance, delivery terms, compliance requirements, and execution risk.

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, steel prices, vessel supply, freight markets, and maritime intelligence from key recycling and shipping hubs worldwide. Subscribe to GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, trading flows and maritime market intelligence from key recycling and shipping hubs worldwide. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

The war premium in global shipping and energy markets has finally cracked, but the ship recycling market is still waiting for the final signature.

In Week 24 of 2026, Brent crude fell sharply toward USD 89 per barrel, its lowest level since March, after President Trump suspended planned military strikes against Iran and signalled that a deal to reopen the Strait of Hormuz could be signed as early as this weekend. Iran is also reported to be moving closer to approval, although no final agreement has yet been confirmed.

For the global ship recycling industry, this is a major turning point. The two forces that kept older vessels trading instead of recycling, high bunker costs and strong freight earnings, are now softening at the same time. The Baltic Dry Index eased to around 2,818, while Capesize earnings cooled to approximately USD 40,274 per day after last week’s peak near USD 49,511.

However, the timing remains difficult. The monsoon has now taken control of the beaching calendar across the Indian subcontinent, limiting near-term recycling activity even as macro conditions begin to improve.

This week’s episode examines:

Key market takeaway:

The war premium has cracked, Brent has moved below USD 90, freight has cooled, and currencies across the recycling markets have repaired themselves. But the beaching window is now governed by the monsoon. If the Hormuz agreement is signed and the 30-day de-mining clock begins, older tonnage may eventually face renewed pressure toward recycling, but not immediately.

The premium cracks. The pen hovers. The monsoon rules.

For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

Steel is one of the most important drivers of ship recycling values, but recycling offers are not based on steel prices alone.

In the first episode of Steel, Ships, and Recycling Values, Nayeem Noor, VP - Business Development and Communications at GMS, speaks with Jamie Dalzell, Head of the GMS Singapore Office, about how recyclers assess steel markets when pricing vessels for recycling.

The discussion looks at why plate prices matter, how re-rollable steel is valued, and why local demand, financing, currency, inventories, import pressure, and timing risk all influence the final recycling offer.

The episode also explains why strong steel prices do not always lead to more vessels being sold for recycling. Freight markets, trading opportunities, seasonal timing, and owner strategy all play an important role in deciding whether a ship actually comes to market.

For shipowners, brokers, financiers, traders, and maritime professionals, this episode offers a practical look at how recycling values are formed and why steel remains central to the global ship recycling market.

Stay tuned to GMS Podcasts for more episodes of Inside the Markets covering ship recycling trends, trading flows and maritime market intelligence from key recycling and shipping hubs worldwide. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

Traffic is returning through the Strait of Hormuz, but for the global ship recycling market, the timing has come too late.

In Week 23 of 2026, vessel movements through Hormuz improved materially, even though the formal US-Iran framework remains unsigned. Brent crude eased into the USD 95–97 per barrel range as markets priced in de-escalation, while freight markets moved in the opposite direction. The Baltic Dry Index climbed above 3,200, and Capesize earnings touched nearly USD 49,500 per day, keeping older vessels trading rather than heading for recycling.

Across the subcontinent, the key issue remains unchanged: demand is present, financing is available, pricing is firm, but tonnage supply remains limited. The pre-monsoon beaching window has now effectively closed, shifting the main constraint from geopolitics to weather.

This week’s episode examines:

• Strait of Hormuz traffic recovery and US-Iran deal uncertainty

Key market takeaway:

The Strait of Hormuz is gradually returning to operation, Brent crude has eased, and currency conditions have improved across parts of the subcontinent. However, dry bulk freight remains strong, older vessels continue trading, and the monsoon has now closed the practical recycling window.

The traffic returns. The window is gone.

For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

After seven weeks of uncertainty, the global ship recycling market finally received its strongest diplomatic breakthrough yet.

In Week 22 of 2026, the United States and Iran reached a tentative agreement to extend the ceasefire and begin reopening the Strait of Hormuz. The announcement triggered a sharp decline in Brent crude oil prices, with Brent falling back toward USD 96-97 per barrel as markets began pricing in the prospect of restored Middle East energy flows.

Yet despite the diplomatic progress, the ship recycling sector remains constrained by one critical factor: timing.

While the Hormuz reopening narrative gathered momentum, the subcontinent recycling markets entered the final stages of the pre-monsoon season. With Bangladesh, India, and Pakistan approaching monsoon-related operational slowdowns, the long-awaited improvement in market sentiment arrived just as recycling activity faces its seasonal closure.

Freight markets also remain supportive for vessel owners. The Baltic Dry Index strengthened above 3,100, Capesize earnings exceeded USD 44,000 per day, and dry bulk freight returns continued encouraging owners to keep older vessels trading rather than recycling them.

This week's episode examines:

• US-Iran ceasefire extension and Hormuz reopening developments

Key market takeaway:

The deal the recycling market waited months to see has finally arrived. Oil prices have eased, diplomatic momentum has improved, and the Strait of Hormuz may eventually reopen. However, freight earnings remain elevated, vessel supply remains scarce, and the monsoon season is effectively closing the recycling window across the subcontinent.

The passage may finally be opening. The recycling window has already closed.

For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

Week 21 marks a major turning point in the global ship recycling market as the strongest reopening signal yet emerges from the Strait of Hormuz. Three supertankers transited the Strait for the first time since March, while President Trump said the United States is in the “final stages” of talks with Iran. Brent crude eased more than 5% to around USD 105 per barrel, and WTI moved below USD 100.

However, for ship recycling, the timing remains critical. With only around one week left before the practical monsoon slowdown across the sub-continent, the improved passage signal may have arrived too late to release meaningful recycling tonnage into the market.

Freight markets remain supportive for owners to keep older vessels trading. The Baltic Dry Index closed around 3,005 after peaking above 3,092, while Capesize earnings remained above USD 40,000 per day. Panamax earnings strengthened further, keeping the trading premium intact for older dry bulk vessels.

Bangladesh continues to show strong operational stability, with the Taka holding around 122.87 against the U.S. Dollar and the Letter of Credit pipeline functioning for a sixth consecutive week. Bangladesh’s April CPI rose to 9.04%, showing that inflationary pressure has reached Chattogram, but the impact remains contained compared with Pakistan and Turkey.

India faces renewed currency pressure as the Rupee decisively broke above 96, touching a fresh all-time low near 96.97 against the U.S. Dollar. Despite this, India’s April CPI remained calm at 3.48%, comfortably within the RBI’s tolerance band. Alang remains the lowest-priced sub-continent destination, while retaining its strong HKC compliance advantage.

Pakistan continues to consolidate its position, with the Pakistani Rupee holding firm around 278.63 against the U.S. Dollar. Local steel prices remain strong, keeping Gadani in one of the firmest pricing positions globally, supported by currency stability and the State Bank’s earlier rate hike.

Turkey remains structurally uncompetitive for mainstream tonnage despite another record low in the Turkish Lira. Aliaga continues to focus mainly on EU-regulated recycling candidates, where compliance requirements outweigh price differentials.

This week’s central market message is clear: Hormuz passage may be opening, Brent has eased, and diplomacy has reaccelerate, but the recycling window is closing. With freight earnings still elevated and monsoon approaching, recycling supply remains limited across all major destinations.

This episode covers:

Key Market Developments This 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 X for daily updates.

Week 20 marks a decisive shift in the global ship recycling market as diplomatic momentum around Hormuz stalls, Brent crude rebounds above USD 107, and freight markets continue strengthening across the dry bulk sector. Despite last week’s temporary optimism surrounding a possible ceasefire framework, owners are still holding onto older vessels as trading earnings remain exceptionally firm.

The Baltic Dry Index breaking above 3,000 and Capesize earnings surpassing USD 43,000 per day continue reinforcing the economics of keeping aging tonnage active rather than recycling. As a result, the expected release of recycling candidates into the sub-continent has once again failed to materialize.

Bangladesh remains the leading recycling destination on pricing and operational readiness, with stable currency conditions, active LC flows, and competitive steel plate pricing supporting Chattogram buyers. However, supply shortages persist as owners continue delaying recycling decisions ahead of monsoon closure.

India faces renewed pressure as the Rupee weakens to another all-time low near 95.71 against the U.S. Dollar. Alang remains the lowest-priced destination while maintaining its strong HKC compliance advantage with more than 110 compliant yards operational.

Pakistan’s market position stabilizes after the State Bank’s recent rate hike helped support the Pakistani Rupee, even as inflation pressures remain elevated. Gadani continues offering some of the firmest pricing in the market, supported by proximity advantages linked to ongoing Hormuz uncertainty.

Turkey remains structurally uncompetitive for mainstream tonnage despite continued weakness in the Turkish Lira and rising inflation, leaving Aliaga focused primarily on EU-regulated recycling candidates.

With only around two weeks remaining before the practical monsoon closure window, the central market question is no longer whether demand exists. It clearly does. The question is whether owners will release tonnage before the window closes. So far, strong freight markets, elevated oil prices, and unresolved geopolitical risk continue preventing meaningful supply flow into recycling yards.

This episode covers:

Key Market Developments This Week

• Brent rebounds from USD 96 back above USD 107

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 X for daily updates.

In this episode of GMS Podcasts, Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program, continues his conversation with Mr. Vidhyadhar Rane, General Secretary of the Alang Sosiya Ship Recycling & General Workers Association, on the Hong Kong Convention, EUSRR and the future of worker-centred ship recycling in Alang.

The discussion looks at the EU Ship Recycling Regulation from the worker’s perspective. Mr. Rane explains that workers support high standards, stronger safety systems, environmental protection, better training and responsible recycling. At the same time, he raises concern that Indian ship recycling yards, especially in Alang, have made major progress but have not been approved under the EU list.

Alang is not only an industrial location. It supports a large workforce and a wider local economy. More than 50,000 direct and indirect workers depend on ship recycling in Alang, including yard workers, transport workers, re-rolling mill workers, scrap handlers, service providers, small businesses and families.

The episode also explains why the Hong Kong Convention is seen as a practical global framework for safe and environmentally sound ship recycling. HKC creates responsibilities for shipowners, recycling yards, flag States, recycling States and other stakeholders. It allows improvement to take place where ship recycling is actually happening, while supporting worker safety, training, environmental controls and welfare.

With more than 110 HKC-compliant yards in Alang, the conversation highlights how the industry has changed through investment in infrastructure, impermeable flooring, drainage systems, equipment, documentation, emergency preparedness, hazardous material handling and worker training.

A key focus of this episode is how HKC can keep evolving for workers. The discussion covers stronger worker participation in yard-level safety meetings, practical training, local-language communication, visual demonstrations, refresher training, better communication between workers and supervisors, and greater recognition of ship recycling workers’ skills.

This episode is useful for shipowners, recyclers, cash buyers, regulators, maritime lawyers, sustainability professionals, ESG teams, compliance officers, unions, circular economy stakeholders and anyone following HKC implementation, EUSRR, Indian ship recycling yards, Alang workers and responsible ship recycling in India.

Topics discussed in this episode