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GMS Podcasts
By GMSBusiness
GMS Podcasts episodes
- GMS Weekly Podcast | Week 49 Ship Recycling Market Update: Global Slowdown, HKC Momentum, and Year-End Trends
In this Week 49 edition of the GMS Weekly Podcast, Grace and Ryan review the latest ship recycling market developments across Bangladesh, India, Pakistan, and Turkey.
The final weeks of 2025 brought softer steel prices, weaker currencies, and a continued shortage of available tonnage. The Baltic Dry Index slipped about 3 percent, oil steadied near 59 dollars 70 cents a barrel, and local plate levels fell by roughly 5 dollars per ton across the sub-continent.
Bangladesh remains at the top of the price rankings despite a quieter market, while India faces another week of limited arrivals and declining fundamentals. Pakistan is building momentum following confirmation of its first Hong Kong Convention-approved yard in Gadani, and Turkey shows modest improvement as local steel prices rise 10 dollars per ton.
Ingrid and Henning also discuss year-end sentiment, the impact of currency moves, and expectations for 2026 as recyclers invest in new HKC-compliant capacity.
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.
7 min - Ship Recycling Insurance Explained: Why Insurance Matters in the Final Voyage (Part 1)
Welcome to Part 1 of the GMS Podcast series Ship Recycling Insurance Explained. In this episode, host Jamie Dalzell speaks with Paulina, Head of Insurance at GMS, about why insurance is a critical part of every ship’s final voyage to the recycling yard. Ship recycling carries unique navigational, environmental, and liability risks, and strong insurance protection is essential for safe and compliant operations.
Paulina explains how insurance supports owners, crews, third parties, and the environment throughout the final voyage. The discussion covers how Marine Warranty Surveyors, P&I coverage, hull insurance, pollution safeguards, and contractual compliance come together to manage risk from departure to delivery.
Topics in this episode include:
• Key risks involved in the final voyage• Navigation risk assessments and the role of Marine Warranty Surveyors• Crew and third-party liability protection• Pollution exposure and environmental safeguards• Contractual compliance with international recycling standards• How reputable insurers strengthen responsible recycling at GMS• How ESG expectations are reshaping insurance requirementsThis episode sets the foundation for the series by explaining why insurance is central to safe, responsible, and transparent ship recycling. It offers clear insight into how GMS works with first-class insurers to protect every stakeholder involved in the process.
Follow GMS on LinkedIn and subscribe for Part 2, where we explore how insurance helps manage market volatility, political risk, and global compliance pressures.
5 min - GMS Weekly Podcast | Week 48 Ship Recycling Market Update: Stumped, Yet Primed
In this Week 48 edition of the GMS Weekly Podcast, hosts Ingrid and Henning review another eventful period in the global ship recycling market as the industry navigates uneven fundamentals and prepares for the final month of the year.
Market conditions across South Asia remained under pressure. Steel plate prices declined in Bangladesh, India, Pakistan and China. The US dollar weakened in all major recycling destinations except Turkey. Freight markets continued their positive momentum, with the Baltic Dry Index rising by 3.2% to its highest level since December 2023. Oil prices stayed soft and ended the week near 59 dollars per ton, almost 14% lower than a year ago. Supply of recycling candidates remains limited as owners continue trading their vessels on strong freight earnings.
Global supply tightness contributed to a mixed pricing environment. Smaller lightweight units are often trading below 400 dollars per lightweight ton, while cleaner and larger vessels can still command higher levels in select locations.
Bangladesh stayed at the top of the pricing charts. Indicative levels were about 410 dollars per lightweight ton for bulkers, 430 dollars for tankers and 440 dollars for container vessels. Domestic fundamentals, however, weakened again. Local steel plate prices fell by 11 dollars to about 506 dollars per ton. The Taka improved slightly and closed at 122.08. Political tensions remain in the background ahead of the February 2026 elections. Chattogram recorded five new arrivals this week, including LPG units, a bulker and a chemical tanker, totaling 22,459 lightweight tons. Bangladesh now has 21 approved HKC yards, with one more close to completion.
India experienced another quiet week. Most tonnage continues to struggle to reach 400 dollars per lightweight ton, keeping Alang behind Bangladesh and Pakistan for preferred vessels. Steel plate prices slipped to about 390 dollars per ton, and the Rupee ended the week around 89.35. Indicative pricing remained about 380 dollars per lightweight ton for bulkers, 400 dollars for tankers and 410 dollars for container ships. Although India reported GDP growth of 8.2 percent, the recycling market continues to face pressure from higher import costs, weaker domestic sentiment and stronger competition from HKC-compliant yards elsewhere.
Pakistan recorded the most important development of the week. Prime Green Recyclers in Gadani received HKC approval from Bureau Veritas, the first yard in Pakistan to qualify. Additional yards are undergoing upgrades and are expected to follow in the next few months. Steel plate prices in Pakistan declined by 7 dollars to about 579 dollars per ton. The Rupee firmed slightly to around 282. Indicative pricing stood at 400 dollars per lightweight ton for bulkers, 420 dollars for tankers and 430 dollars for container units. Gadani did not receive any new vessels this week.
Turkey remained stable. Prices held around 260 dollars per lightweight ton for bulkers, 270 dollars for tankers and 280 dollars for container vessels. The Turkish Lira weakened further and moved past 42.50 against the US dollar. Inflation remains elevated, although the economy continues to show growth. Recycling activity in Aliaga stayed limited.
Across the subcontinent, the market continues to operate with restricted supply, weaker fundamentals and shifting currency conditions. HKC progress in Bangladesh and Pakistan is improving the competitive landscape and setting the stage for stronger compliance and sustainability in the year ahead.
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.
7 min - GMS Weekly Podcast | Week 47 Ship Recycling Market Update: Forums and Frictions
In this 2025 Week 47 edition of the GMS Weekly Podcast, host Ingrid and co-host Henning review another challenging week in global ship recycling as forums and frictions shape sentiment across South Asia. Oil futures slipped to around USD 57.7 per barrel, freight rates stayed active but below last year’s highs, local steel plate prices weakened in key recycling destinations, and currency devaluations in India and Bangladesh continued to erode recyclers’ purchasing power. Regulators in the United States and European Union also moved ahead with new sanctions on Russia and Iran, targeting dark fleet activity and raising questions over how hundreds of older vessels will eventually be recycled.
Global Market Overview
Market volatility persisted through late November. Oil prices are now more than 6% lower on the month and around 16% below the same period in 2024. The Baltic Dry Index improved week on week but remains far under last year’s levels, which limits demolition candidates even as older tonnage creeps closer to recycling age. Combined with softer steel prices and unstable foreign exchange markets, this has kept supply tight and negotiations cautious at ship recycling yards.Bangladesh
Bangladesh remains the price leader in South Asia, with demo indications around USD 410 per LDT for dry bulk, USD 430 for tankers, and USD 440 for container vessels. Despite the pricing edge, 2025 has been thin on actual volumes. Inflation has hovered between 8% and 9%, and the Bangladeshi Taka weakened again to roughly BDT 122.5 per USD. Local steel plate prices slipped to about USD 525.9 per ton as yards struggle to move stockpiled recycled steel while cheaper imported scrap continues to pressure domestic demand. Political tensions ahead of the February 2026 elections and sporadic unrest are adding to the cautious tone. On the positive side, Bangladesh has now reached 20 HKC approved yards, with more facilities working through the certification process and ongoing worker training through the GMS Sustainable Ship and Offshore Recycling Program.India
The Alang recycling market stayed quiet. Few new deals were reported as Indian recyclers faced a sharp currency move. The Rupee fell to around Rs 89.6 per USD, bringing it close to the Rs 90 level that undermines confidence in future pricing. Steel plate prices improved slightly to approximately USD 398 per ton but remain below the USD 400 threshold. Smaller or less preferred ships are still priced under USD 400 per LDT even though nominal demo indications stand near USD 380 for bulk carriers, USD 400 for tankers, and USD 410 for container ships. With limited tonnage, weaker currency, and competition from lower-cost imported steel, Alang’s yards are under pressure, and India’s long-standing advantage as the main HKC compliant destination is beginning to narrow as Bangladesh and Pakistan add more approved yards.Pakistan
Pakistan delivered the week’s most encouraging structural development. Gadani’s first HKC compliant recycling yard is expected to receive formal approval shortly, with two or three additional yards targeted over the next few months and further upgrades planned into mid 2026. This represents a significant step in bringing Pakistan fully into the compliant recycling landscape. In the short term, however, trading conditions remain subdued. Domestic steel plate prices fell by USD 11 to around USD 586 per ton, still the highest level in the region but weighed down by cheaper product imported from Iran. The Pakistani Rupee firmed slightly to about PKR 282.6 per USD, yet this was not enough to lift sentiment. For the third consecutive week, there were no meaningful fresh market arrivals, and demo indications remain around USD 400 per LDT for bulkers, USD 420 for tankers and USD 430 for containers.Turkey
The Aliaga market was steady but very quiet. Prices held in the USD 260 to 270 per LDT range for bulk and tanker units and close to USD 280 for container vessels. The Turkish Lira weakened further, moving beyond TRY 42.4 per USD. Steel plate prices and demand were largely unchanged, leaving local yards operating in a constrained, high cost environment with little new tonnage to work on.Market Sentiment and Outlook
Across South Asia and Turkey, ship recyclers are facing the combined weight of weaker currencies, softer or stagnant steel values, and a limited flow of recycling candidates. At the same time, HKC progress in Bangladesh and the first approvals in Pakistan are building a stronger foundation for compliant and sustainable ship recycling in the years ahead. As 2026 approaches, attention is turning to how the industry will manage the growing pool of aging dark fleet ships and 30 year old vessels once freight markets ease and demolition activity finally starts to pick up.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.
9 min - Inside the Markets: Athens Edition (November 2025) | Greek Shipowners, Ship Recycling Prices and Currency Volatility
In this new episode of Inside the Markets from GMS Podcasts, host Jamie Dalzell is joined in Athens by Ilias Stasinos of GMS Greece to break down the latest trends in the ship recycling market as 2025 comes to a close. Together, they look at how global freight rates, weaker currencies in the subcontinent, and softer scrap steel prices are shaping ship recycling decisions for Greek owners and recyclers in India, Bangladesh, Pakistan, and Turkey.
Despite geopolitical risk, currency pressure, and uneven local steel markets, most Greek shipowners remain in trading mode, keeping even late twenties vessels in service while they wait for clearer price signals. Jamie and Ilias discuss why HKC compliant yards in India and Bangladesh still dominate decisions for listed and reputation sensitive owners, what is holding Pakistan back despite competitive indications, and how Turkey is maintaining its niche role for EU flagged tonnage.
This episode offers concise, real time intelligence for anyone following ship recycling, green recycling, dry bulk, and demolition markets, with a particular focus on the role of currencies, compliance, and sentiment in setting the next move.
Key Highlights
Current ship recycling prices and buyer sentiment in India, Bangladesh, Pakistan and Turkey
Why Greek owners are still trading instead of recycling, even with older Panamax bulkers
How currency depreciation across the subcontinent is squeezing recyclers and shaping bids
The importance of HKC certified and compliant ship recycling yards for listed and blue chip owners
Pakistan’s recent steel price correction, sub USD 600 local levels and the wait for its first HKC approved yard
Turkey’s role as a niche destination for EU flag tonnage amid a weakening lira and limited capacity
Which vessel types are closest to the economic edge and most likely to be recycled if freight softens
Why currencies are now driving market sentiment as much as scrap prices and freight rates
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.
9 min - GMS Weekly Podcast | Week 46 Ship Recycling Market Update: Desperate Downers
In this 2025 Week 46 edition of the GMS Weekly Podcast, host Grace and co-host Ryan review global ship recycling markets as 2025 enters its final stretch. Falling steel prices, a firm U.S. Dollar, and limited vessel supply kept sentiment weak across South Asia.
Global Market Overview
Market volatility persisted through mid-November. The Baltic Dry Index continued to rise across all sub-sectors, while oil futures slipped to around USD 59.50 per barrel following a Ukrainian drone strike on Russia’s Novorossiysk refinery.The U.S. Dollar strengthened further, reducing recyclers’ purchasing power, while steel-plate prices in key destinations declined. Transactions closed mostly in the low USD 400s per LDT, with smaller or less-preferred units moving in the high USD 300s.Bangladesh
Activity improved slightly as seven vessels totaling about 66,000 LDT reached Chattogram, including a large 21 K LDT bulk carrier.Despite this influx, overall sentiment remains fragile. Political tension ahead of the February 2026 elections, high tariffs near 30 percent, and a weaker Taka (BDT 122.35 per USD) continue to challenge local recyclers. Steel-plate prices dropped another USD 1 per ton, signaling persistent caution in the market.India
The Alang recycling market stayed quiet but stable. India’s strong HKC-compliant yard base provides structure, yet demand remains limited. Smaller dry units are only just touching USD 400 per LDT.The Rupee eased to Rs 88.70 per USD, while steel-plate prices gained about USD 4 per ton, offering a modest boost. Industry participants expect 2026 to mirror 2025’s challenges unless global fundamentals improve.Pakistan
After a brief recovery earlier in the quarter, Gadani activity slowed again. No new vessels arrived, and the country still awaits its first HKC-approved yard.Steel-plate prices fell USD 13 per ton to below USD 600, and the PKR weakened to 282.80 per USD. Ongoing inflation and the inflow of cheaper Iranian steel continue to pressure local recyclers and reduce competitiveness.Turkey
The Aliaga market remained steady with prices in the USD 260 to 280 per LDT range. The Turkish Lira slipped beyond TRY 42.30 per USD, maintaining difficult trading conditions. Despite weak fundamentals, yards are working to sustain operations and meet regional recycling demand.Market Sentiment
Across South Asia, recyclers face a combination of currency weakness, volatile commodity prices, and cautious end-users. As 2025 draws to a close, attention turns to 2026 for potential stabilization and renewed tonnage flow.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.
4 min - GMS Weekly Podcast | Week 45 Ship Recycling Market Recap: “Trading Day? Some Other Day.”
In this Week 45 edition of the GMS Weekly Podcast, global ship recycling markets remain subdued as weak fundamentals, falling steel prices, and currency volatility continue to pressure recyclers across South Asia.
From Bangladesh and India to Pakistan and Turkey, sentiment stays fragile while inflation, sanctions, and lack of supply define the tone.
Global Market Overview
Markets limped through early November as macro pressures persisted. The Baltic Dry Index gained about 7% for the week, with Capes up 3.1%, Panamaxes 0.9%, and smaller segments rising 0.5%.Oil slipped again, closing just above USD 60 per barrel, while renewed U.S. sanctions and weaker global demand continue to cloud forecasts.Inflation in key recycling nations remained uneven: Pakistan saw renewed price pressure, Turkey and Bangladesh stayed unstable, and India’s figures remain pending.
Bangladesh
Chattogram stayed on top in name but not in action, with no viable tonnage arrivals and local buyers offering above-market rates just to keep yards active.The Taka depreciated further to BDT 121.93 per USD, and domestic steel plate prices collapsed, ending the week with no trading reported.Inflation hovered at 8.17%, while political and economic uncertainty weigh heavily heading into 2026.India
Alang continues to show resilience despite ongoing price weakness.Steel plate levels fell to USD 388.95 per ton, while the INR slipped to 88.67 per USD.Despite those declines, two mini-VLCCs arrived this week, showing India’s growing dominance as an HKC-compliant recycling destination.Pakistan
Gadani’s market remains under heavy strain, with offers below USD 400 per LDT as cheap Iranian steel imports flood the market.Local steel prices held around USD 614 per ton, but the PKR weakened to 282.5 per USD, and inflation jumped to 6.2%.Still no HKC-approved yards, leaving Gadani struggling for competitiveness.Turkey
Aliaga stayed mostly silent this week.The Lira plunged nearly 40 basis points to TRY 42.23 per USD, while local recyclers tried to lift prices slightly to attract tonnage, with little success so far.Market Sentiment
With global inflation, currency devaluation, low supply, and soft steel fundamentals, the world’s ship recycling sector continues to drift through uncharted waters.Optimism now shifts to 2026 as recyclers await a long-overdue "Trading Day."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.
4 min - Inside the Markets - Dubai Edition (November 2025) | Ship Recycling Trends, Currency Volatility, and Subcontinent Price Outlook
In this new episode from GMS Podcasts, host Jamie Dalzell is joined by Simos Dimitriou, Head of the GMS Dubai Office, to discuss how global economic pressures, shifting currencies, and fluctuating steel prices are shaping the ship recycling markets across the subcontinent.
As oil prices slide and OPEC+ announces supply cutbacks, recyclers in India, Bangladesh, and Pakistan face a stultifying market with tight supply and hesitant owners. From currency challenges and HKC yard compliance to creative deal structures in Dubai, this conversation offers real-time intelligence on how the region is adapting as 2025 closes.
Key Highlights:
Current ship recycling prices and sentiment in India, Bangladesh, and Pakistan
How currency volatility and Iranian steel imports are reshaping price competition
India’s reliability through HKC-certified yards and compliance leadership
The slow pace in Bangladesh and pre-election uncertainty
Pakistan’s pricing correction and operational constraints
Dubai’s evolving role as a hub for structured and leaseback recycling deals
Forecast for early 2026 and expected tonnage flow
Despite the slowdown, disciplined owners and compliant yards continue to anchor confidence in the region’s green ship recycling ecosystem.
7 min - GMS Weekly Podcast | Week 44 Ship Recycling Market Recap: “Halloween November?” Global Tonnage Tumbles, Currencies Slide, and Sentiment Sinks
In this Week 44 edition of the GMS Weekly Podcast, the global ship recycling industry closes October on a haunting note as weak fundamentals, volatile currencies, and scarce tonnage continue to shadow the sub-continent markets. From India and Bangladesh to Pakistan and Turkey, sentiment stays fragile while inflation trends, oil movements, and new HKC developments keep recyclers on edge.
Global Market Overview
October ended with more tricks than treats. The Baltic Dry Index slipped 1.3 percent week-on-week and nearly 8 percent for the month, marking its first monthly drop since April. Oil eased almost 1 percent to around USD 60.67 per barrel as OPEC+ announced fresh Q1 2026 cutbacks. A temporary U.S.–China trade truce brought brief relief, but volatility and policy uncertainty persist.Limited vessel supply kept yards mostly idle, with buyers hesitant to commit amid falling plate prices and a widening two-tier market for sanctioned ships.
Bangladesh
Chattogram showed faint sparks as a few hungry recyclers chased prompt deals, but domestic steel demand failed to ignite. Local plate levels slipped USD 3 to USD 529.50 per ton, and the taka weakened to BDT 122.37 per USD. HKC certifications continue to climb, with 21 yards expected to be approved by year-end, a bright spot in an otherwise subdued market.India
Alang faced another quiet stretch as the rupee dropped 1.25 percent to INR 88.70. Steel prices ended flat, while discounted sanctioned vessels pushed legitimate bids lower, unsettling buyers and widening the pricing gap. Inflation remains low at 1.54 percent, hinting at potential relief through cheaper financing if confidence returns.Pakistan
Gadani recyclers endured renewed “imports ire.” Cheap Iranian steel and a lack of HKC-compliant yards kept activity muted despite plate values roughly USD 230 above India’s. The PKR closed at 283.17 per USD as margins tightened and sentiment weakened.Turkey
Aliaga continued to face a supply pinch. Local recyclers raised offers slightly to attract owners, but the lira slid to TRY 42.06 and inflation rose above 33 percent. With few vessels arriving, operational pressure remains heavy.Market Sentiment
As we sail into November, recyclers confront familiar headwinds: weak demand, currency stress, HKC uncertainty, and a vanishing pipeline of ships. Whether markets rebound or remain haunted will define the rest of 2025.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.
4 min - Inside the Markets: India Update – October 2025 | Alang Resilience, Pricing Trends, and Compliance Leadership
India’s ship recycling market remains a cornerstone of global green recycling, combining scale, compliance, and experience. In this episode of Inside the Markets from GMS Podcasts, Jamie Dalzell speaks with Kiran Thorat, Head of GMS India Office, about the current sentiment in Alang, market pricing trends, and how India continues to lead through discipline and compliance.
As South Asia experiences slower activity and price corrections, Indian recyclers are showing remarkable patience and readiness. With over 110 Hong Kong Convention–compliant yards, India remains the preferred destination for safe and transparent ship recycling. Kiran discusses how the industry is maintaining full operational capability, managing staff and infrastructure, and preparing for a modest recovery heading into year-end 2025.
Key Highlights:
• Current pricing correction and sentiment across Alang• How Indian yards maintain full staff and HKC compliance during slow phases• Challenges in negotiations between shipowners and end buyers• India’s continued global leadership with over 110 HKC-certified yards• Outlook for Q4 2025 and early signs of recovery post-Diwali• Kiran Thorat’s message to the global ship recycling communityIndia’s steady, compliance-driven approach continues to anchor confidence in global ship recycling. With disciplined operators, transparent processes, and a focus on safety, Alang remains at the forefront of responsible ship dismantling and green steel recovery.
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.
8 min
About GMS Podcasts
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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…
recycling of their vessels. We offer free training to recycling yard workers in India, Pakistan and Bangladesh through our Sustainable Ship and Offshore Recycling Program. GMS Podcasts channel offers a weekly take on the shipping markets, vessel residual values, and ship recycling.