GMS Podcasts

GMS

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.

  1. Ship Recycling Market Update Week 20 2026 | Brent Rebounds, Freight Stays Strong, Backlog Hardens

    MAY 18

    Ship Recycling Market Update Week 20 2026 | Brent Rebounds, Freight Stays Strong, Backlog Hardens

    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: Global ship recycling market trends Brent crude oil rebound and Hormuz developments Baltic Dry Index and freight market strength Vessel recycling supply shortages Bangladesh, India, Pakistan, and Turkey market updates Steel plate pricing trends Currency movements and inflation pressures HKC-compliant recycling yards Monsoon impact on ship recycling activity Cash buyer sentiment and recycling pricing outlook   Key Market Developments This Week • Brent rebounds from USD 96 back above USD 107 • Diplomatic momentum around Hormuz stalls • Baltic Dry Index breaks above 3,000 • Capesize earnings surge above USD 43,000/day • Freight strength continues delaying recycling decisions • Q2 recycling backlog hardens further • Bangladesh remains strongest pricing destination • Chattogram LC pipeline stays fully operational • India Rupee falls to fresh record lows near 95.71 • Alang maintains strong HKC compliance positioning • Pakistan Rupee firms despite inflation pressures • Gadani pricing remains among the strongest globally • Turkey inflation rises while Aliaga remains niche • Limited vessel supply continues across all destinations • Monsoon closure window narrows to approximately 2 weeks • Owners continue prioritizing trading over recycling   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.

    7 min
  2. HKC and the Worker’s Voice, Episode 2: EUSRR, Fair Recognition and Worker-Centred Ship Recycling in Alang

    MAY 15

    HKC and the Worker’s Voice, Episode 2: EUSRR, Fair Recognition and Worker-Centred Ship Recycling in Alang

    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 What EUSRR means from a worker perspective Why workers support high standards in ship recycling The impact of non-approval of Indian yards under the EU list Why fair recognition matters for HKC-compliant yards in Alang How more than 110 HKC-compliant yards have changed India’s ship recycling industry The role of more than 50,000 direct and indirect workers in Alang’s recycling ecosystem Why HKC is seen as a practical global framework for responsible ship recycling How worker participation can improve yard-level safety discussions The importance of local-language and visual safety training Why refresher training helps strengthen safety awareness The role of supervisors in improving communication and safety outcomes Recognition of ship recycling workers’ skills, dignity and contribution How responsible ship recycling supports steel recovery and the circular economy The future of Alang under HKC implementation

    11 min
  3. Ship Recycling Market Update Week 19 2026 | Brent Falls, Freight Surges, Backlog Holds

    MAY 11

    Ship Recycling Market Update Week 19 2026 | Brent Falls, Freight Surges, Backlog Holds

    Week 19 marks a major shift in the global ship recycling market as Brent crude falls sharply, diplomacy re-enters the Hormuz conversation, and freight markets move strongly in the opposite direction. Despite Brent correcting from USD 126.41 per barrel to near USD 100, the expected release of recycling tonnage has not materialized. The Baltic Dry Index climbed to 2,991, up 12% from the previous week, with Capesize earnings surging and daily returns moving above USD 42,000. Strong freight earnings continue to encourage owners to keep older vessels trading rather than sending them for recycling, keeping supply tight across the Indian sub-continent. Bangladesh remains the leading recycling destination, supported by firm demand, a stable Taka, sustained Letter of Credit flow, and competitive steel plate pricing. However, Chattogram continues to face the same core issue: buyers are ready, but vessels are not arriving. India saw sharp currency volatility, with the Rupee touching a fresh low around 95.27 before recovering near 94.18 on diplomatic headlines. Alang remains the lowest-priced sub-continent destination, but its HKC-compliant yard base continues to support regulated tonnage demand. Pakistan’s position has become more complicated. Gadani pricing remains firm, with steel plate levels around USD 679 per ton, but April inflation surged to 10.9%, prompting a 100-basis-point rate hike to 11.5%. Pakistan’s Gulf proximity premium still holds, but its earlier stability advantage has narrowed. Turkey remains structurally uncompetitive for mainstream tonnage, with the Lira weakening to a fresh record low and April inflation rising to 32.37%. Aliaga continues to rely mainly on EU-regulated tonnage, where compliance can outweigh the price gap. With only around 3 weeks left before the monsoon window closes, the central question is no longer whether demand exists. It does. The question is whether diplomacy can release vessel supply in time. For now, strong freight, unresolved Hormuz risks, inflation pressure, and limited candidate flow mean the backlog holds. This episode covers ship recycling prices, vessel supply, freight markets, oil prices, currencies, inflation, HKC compliance, and the latest developments across Bangladesh, India, Pakistan, and Turkey.   Key Market Developments This Week • Brent crude falls from USD 126.41 to near USD 100 • Diplomacy re-enters the Hormuz discussion, but safe passage remains unresolved • Baltic Dry Index rises to 2,991, up 12% week-on-week • Capesize earnings strengthen, with daily returns above USD 42,000 • Strong freight continues to delay ship recycling decisions • Bangladesh remains the leading destination on demand and pricing • Chattogram LC pipeline remains stable and functional • India’s Rupee touches 95.27 before recovering near 94.18 • Alang remains lowest-priced but retains strong HKC compliance advantage • Pakistan CPI jumps to 10.9%, triggering a 100-basis-point rate hike • Gadani pricing remains firm, but Pakistan’s advantage narrows • Turkish Lira weakens to a fresh record low near 45.24 • Turkey inflation rises to 32.37%, keeping Aliaga niche and outpriced • No meaningful supply release despite Brent correction • Monsoon window narrows to approximately 3 weeks • Q1 overhang remains locked into a Q2 backlog

    8 min
  4. HKC and the Worker’s Voice - Episode 1: What the Hong Kong Convention Means for Workers in Alang

    MAY 8

    HKC and the Worker’s Voice - Episode 1: What the Hong Kong Convention Means for Workers in Alang

    In this episode, Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program, speaks with Mr. Vidhyadhar Rane, General Secretary of the Alang Sosiya Ship Recycling & General Workers’ Association, about what the Hong Kong Convention means for workers in Alang. The discussion looks at ship recycling from the worker’s perspective. Alang has been part of the global ship recycling industry for decades, and the sector has changed significantly through investment, training, infrastructure upgrades, compliance systems, and stronger safety practices. With more than 110 HKC-compliant yards in Alang, the episode explains how the Hong Kong Convention has helped bring greater structure to worker safety, training, PPE use, emergency preparedness, hazardous material handling, and environmental controls. The conversation also highlights that Alang’s progress did not begin only with HKC. Yard owners have invested heavily over the years in infrastructure, impermeable flooring, drainage systems, safety equipment, training areas, documentation, and emergency response systems. A key focus of the episode is the role of workers themselves. Ship recycling is skilled work, and workers play an essential role in steel recovery, dismantling, recycling, and the wider circular economy. HKC has helped make worker training and safety more formal, more visible, and more consistent. The episode also explores the importance of training in local languages for Alang’s migrant workforce. Since workers come from different Indian states and speak different languages, practical communication, demonstrations, pictures, and clear instructions are essential for real safety outcomes on the ground. Looking ahead, the conversation emphasizes that HKC works best when yard owners invest, supervisors guide, unions engage, and workers actively participate in safe working practices. This episode is useful for shipowners, recyclers, cash buyers, regulators, sustainability professionals, ESG teams, maritime lawyers, compliance officers, circular economy stakeholders, and anyone following responsible ship recycling in India. Topics discussed in this episode What the Hong Kong Convention means for workers in Alang How HKC has helped structure worker safety and training Why more than 110 HKC-compliant yards matter for India’s ship recycling industry Yard-level investment in infrastructure, safety systems, and compliance The role of migrant workers in Alang’s ship recycling sector Why training in local languages improves safety outcomes PPE, hot work safety, emergency preparedness, and hazardous material awareness Worker confidence, dignity, and recognition in ship recycling The role of Alang in steel recovery and the circular economy Why current conditions in Alang should be judged by present-day progress, not old perceptions

    8 min
  5. Ship Recycling Market Update Week 18 2026 | Oil Shock, Hormuz Blockade, Supply Crisis Deepens

    MAY 4

    Ship Recycling Market Update Week 18 2026 | Oil Shock, Hormuz Blockade, Supply Crisis Deepens

    Week 18 marks a structural turning point in global ship recycling markets as the situation in the Strait of Hormuz shifts from disruption to sustained blockade. What was previously seen as a temporary constraint has now evolved into a large scale supply shock, with oil markets reacting sharply and reshaping the economics of vessel trading and recycling. Brent crude surged to multi year highs, briefly reaching USD 126 per barrel before stabilizing above the USD 110 range. This sharp increase reflects a significant tightening in global energy supply, with Hormuz transit flows dropping to nearly four percent of normal levels. The scale of disruption is now being described as one of the largest in history, with no immediate resolution in sight. Despite this volatility in energy markets, freight rates remain firm. The Baltic Dry Index continues to hold near recent highs, supported by strong Capesize and Supramax earnings. Elevated freight returns are reinforcing vessel trading economics, keeping older tonnage active in the market and delaying recycling decisions. Currency movements across the sub continent reflect varying exposure to the energy shock. The Indian Rupee has weakened to record lows due to heavy reliance on Hormuz linked imports, while Pakistan’s Rupee has remained stable, providing a relative advantage. Bangladesh continues to operate within a stable range, and the Turkish Lira has shown modest recovery. Bangladesh remains the leading destination with strong pricing, improved financing conditions, and a cleared Letter of Credit pipeline. However, the market continues to face a lack of available vessels. India maintains its structural advantage through a large base of compliant yards, though currency pressure and energy exposure continue to weigh on competitiveness. Pakistan is emerging as the strongest structural player this quarter, supported by stable currency, firm steel pricing, and proximity to Gulf trade routes. Turkey remains limited to niche activity due to its pricing gap with the sub continent. No recycling transactions were reported this week, reinforcing the ongoing supply shortage. As the monsoon window narrows to approximately four weeks, the expected release of vessels is increasingly being deferred. The Q1 overhang is now transitioning into a confirmed Q2 backlog. This episode provides a detailed analysis of ship recycling trends, recycling pricing, freight dynamics, and the broader geopolitical factors shaping supply across global markets.   Key Market Developments this Week • Hormuz disruption shifts into a structural blockade • Brent crude spikes to USD 126 before stabilizing above USD 110 • Global oil supply shock intensifies with flows near four percent of normal • Baltic Dry Index holds steady with firm vessel earnings • Strong freight rates continue to discourage recycling activity • Indian Rupee weakens to record lows on energy exposure • Pakistan Rupee stabilizes, strengthening relative positioning • Bangladesh maintains top pricing with improved LC processing • India retains compliance strength despite currency pressure • Pakistan benefits from Gulf proximity and structural alignment • Turkey remains limited to EU regulated recycling segment • No recycling transactions reported across all destinations • Q1 tonnage overhang transitions into a growing Q2 backlog   Links & Resources Subscribe to GMS Weekly: 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 (Twitter): https://x.com/GMS_Leadership Instagram: https://www.instagram.com/gms_leadership

    8 min
  6. Iran War and Shipping Markets: Why Strong Freight Is Delaying Ship Recycling

    APR 29

    Iran War and Shipping Markets: Why Strong Freight Is Delaying Ship Recycling

    In this episode of GMS Podcasts, Jamie Dalzell, Head of GMS Singapore, speaks with Nayeem Noor, VP of Business Development at GMS, about how the ongoing Iran war is influencing shipping and ship recycling markets. With disruption around the Strait of Hormuz, the expectation across the industry was that recycling supply would increase. Historically, geopolitical shocks tend to push older or less efficient vessels toward demolition. That pattern is not playing out this time. Instead, freight markets have remained firm. Routes have lengthened, risk premiums have increased, and older vessels continue to find employment. Even with higher operational and geopolitical risk, many ships are still commercially viable, which is delaying recycling decisions. The discussion focuses on this shift in market behaviour. Rather than exiting the market, owners are continuing to trade as long as earnings justify it. As a result, recycling yards are not seeing the expected flow of tonnage. The episode also looks at the current position across major recycling destinations. India offers compliance strength through Alang, Bangladesh has demand but remains short of supply, Pakistan has regional advantages but faces execution challenges, and Turkey continues to operate in a more limited, specialised segment. A key takeaway is that supply has not disappeared. It has been deferred. The ships are still in the system, but they are not being released for recycling. Looking ahead, the conversation considers what could change this dynamic. If freight softens or costs rise, recycling supply could return quickly. At the same time, damaged or disrupted vessels linked to the Iran conflict may eventually enter the recycling stream, bringing a different set of operational and compliance considerations. This episode will be useful for shipowners, recyclers, cash buyers and industry participants following freight markets and the impact of the Iran war on global shipping. Topics discussed in this episode How the Iran war is affecting global shipping patterns Why disruption is not translating into recycling supply The role of freight markets in extending vessel life Owner decision making during periods of uncertainty The concept of delayed supply in ship recycling Regional dynamics across India, Bangladesh, Pakistan and Turkey Pricing challenges and hesitation in the recycling market Handling considerations for damaged or disrupted vessels What could trigger the return of recycling supply

    11 min
  7. Ship Recycling Market Update Week 17 2026 | Hormuz Escalation, Freight Rally, Supply Backlog Builds

    APR 27

    Ship Recycling Market Update Week 17 2026 | Hormuz Escalation, Freight Rally, Supply Backlog Builds

    Week 17 of 2026 marks a decisive shift in global ship recycling markets as geopolitical risk intensifies and supply constraints deepen. In this episode, Grace and Ryan break down the latest developments shaping the industry, including the indefinite extension of the US-Iran ceasefire, renewed escalation in the Strait of Hormuz, and its direct impact on oil, freight, and recycling dynamics. Brent crude has rebounded toward the mid-90 dollar range as geopolitical risk reasserts itself, reversing last week’s demand-driven softness. At the same time, freight markets continue to strengthen, with the Baltic Dry Index reaching multi-month highs and Capesize earnings climbing on sustained Brazil to China iron ore flows. Strong vessel earnings remain the key factor discouraging recycling activity. Currency movements across the sub-continent are reinforcing existing pricing dynamics rather than driving change. The Indian Rupee has weakened, the Pakistani Rupee remains stable, Bangladesh holds within range, and the Turkish Lira has reached fresh lows. Despite these shifts, the core issue remains unchanged: a lack of available tonnage. Bangladesh continues to lead the market with strong pricing, stable currency, and accelerated Letter of Credit approvals. However, with only five weeks remaining before the monsoon season, time pressure is intensifying. Compliance scrutiny remains elevated, with due diligence now embedded across transactions. India retains its structural advantage with Hong Kong Convention compliant yards, but ongoing currency weakness and energy exposure linked to Hormuz disruptions continue to limit competitiveness. Pakistan is emerging as the strongest performer, with firm pricing, stable fundamentals, and a reinforced proximity advantage to Gulf tonnage. Turkey remains uncompetitive for mainstream recycling and is limited to EU regulated tonnage. No major recycling transactions were reported this week, highlighting continued supply tightness across all destinations. As the monsoon window narrows, the market narrative is shifting. The expected release of tonnage is no longer delayed but increasingly deferred, raising the likelihood of a growing backlog into Q2. This episode provides a clear, data-driven view of ship recycling trends, scrap market pricing, freight dynamics, and global maritime risk factors shaping supply decisions.   Key Market Developments This Week Indefinite ceasefire extension with escalation in the Strait of Hormuz Brent crude rebounds toward mid-90 dollar levels on geopolitical risk Baltic Dry Index rises to multi-month highs with strong Capesize earnings Vessel earnings remain elevated, discouraging recycling activity Currency movements stable but reinforcing existing pricing structure Bangladesh leads with improving LC flows and strong pricing India remains constrained by currency weakness and energy exposure Pakistan strengthens with firm pricing and Gulf proximity advantage Turkey remains limited to EU compliant recycling segment No major recycling sales reported, confirming supply shortage Q1 tonnage overhang increasingly shifting into a Q2 backlog

    6 min
  8. EU Ship Recycling Regulation Draft Guidance Explained: What It Means for Alang, Third-Country Yards and Global Recycling

    APR 24

    EU Ship Recycling Regulation Draft Guidance Explained: What It Means for Alang, Third-Country Yards and Global Recycling

    In this episode of GMS Podcasts, Jamie Dalzell, Head of GMS’ Singapore office, speaks with Dr. Anand Hiremath, CEO of the Sustainable Ship and Offshore Recycling Program, about the European Commission’s revised draft guidance on the inclusion of third-country ship recycling facilities under the EU Ship Recycling Regulation (EU SRR). Although presented as clarification, the revised draft is widely seen across the maritime industry as a more consequential development. The discussion explores how the proposed guidance may raise the practical threshold for non-EU recycling yards seeking inclusion on the EU List, particularly in areas such as infrastructure, environmental monitoring, downstream waste management, verification systems and inspection expectations. The conversation also looks closely at the implications for Alang, where many yards have made substantial progress through investments in safety systems, environmental controls and compliance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships. Jamie and Anand examine whether the revised framework builds on that progress or risks creating a compliance threshold that is difficult to achieve in practice. This episode covers the wider commercial and regulatory consequences for shipowners, recycling facilities and the global recycling market, including the risk that overly restrictive entry requirements may reduce participation rather than expand responsible oversight. Topics discussed in this episode: The real shift behind the EU’s revised draft guidance Why “clarification” may mean a higher compliance threshold in practice Operational implications for third-country ship recycling facilities Expanded interpretations of infrastructure and environmental monitoring requirements Downstream waste management and the challenge of demonstrating equivalence What the revised approach could mean for Alang ship recycling yards Commercial realities for shipowners at end of life Why participation is essential to raising global recycling standards The case for phased inclusion and structured compliance pathways What is ultimately at stake for the future of responsible ship recycling This is an important conversation for shipowners, cash buyers, recyclers, regulators, P&I stakeholders, compliance specialists and maritime professionals following the evolving regulatory landscape in ship recycling. Subscribe to GMS Podcasts for expert discussion on ship recycling, maritime regulation, responsible recycling standards and market developments shaping the industry.

    15 min
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About

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.

Information

  • Creator
    GMS
  • Years Active
    2022 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © GMS Inc | Copyright 2025 All rights reserved
  • Show Website
    GMS Podcasts