GMS Weekly Podcast | Week 35 Recap: Bangladesh Silent, India Active, Pakistan Stable, Turkey Weak

In this Week 35 edition of the GMS Weekly Podcast, we cover the latest developments in the global ship recycling markets, with updates from India, Pakistan, Bangladesh, and Turkey. This week’s theme, Snoring September, highlights slowing supply, currency pressure, and the uneven pace of activity across the sub-continent.

Global Overview:

• Oil held steady with WTI at USD 64 and Brent at USD 68.

• The Baltic Dry Index closed at 2,025, the strongest in a month, led by Panamaxes and Supramaxes while Capes slipped.

• Supply of recycling candidates slowed, with only a handful of fresh arrivals.

• India’s rupee collapsed to record lows, while Pakistan and Bangladesh currencies stayed steady.

• Steel plate prices: India USD 449/ton (up), Pakistan USD 622/ton (steady), Bangladesh USD 542/ton (flat).

Bangladesh:

• No new arrivals for the second straight week, keeping Chattogram silent.

• HKC compliance hurdles and weak demand weigh on sentiment.

• Inflation above 8 percent, steel plate at USD 542/ton, and Taka steady at 121.7.

• Larger LDT units still draw some attention, smaller vessels diverted to India or Pakistan.

India:

• Remains the busiest recycling destination, logging seven vessels, three of which were new arrivals.

• Steel plate climbed to USD 449/ton, but the rupee collapsed to 88.3 against the dollar.

• HKC-ready yards remain a strength, with Alang able to handle compliant tonnage.

• Recyclers are cautious despite activity, hedging against costs and currency pressure.

Pakistan:

• Logged one vessel, but Gadani remains the best-priced market.

• Plate prices steady at USD 622/ton, the highest in the region.

• Currency stable at PKR 281.8, supporting margins.

• DASR approvals keep recyclers hungry and positioned for larger LDT units.

Turkey:

• Weak sentiment continues as both lira and plate prices slipped.

• Prices now USD 250–270/ton across vessel types.

• Market remains the least attractive among the four destinations.

Beach Breakdown:

• Bangladesh: silent

• India: active but cautious

• Pakistan: stable with buyers waiting

• Turkey: still struggling

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