GMS Weekly Podcast | Week 37 Ship Recycling Recap – India’s Big LNG Splash, Bangladesh Bleak, Pakistan Waiting, Turkey Idle

In this Week 37 edition of the GMS Weekly Podcast, we cover the latest ship recycling market trends, freight activity, steel prices, and key port updates from Bangladesh, India, Pakistan, and Turkey.
This week’s theme: Governing Goof-Ups!

Global Market Overview

• Freight activity strengthened as the Baltic Dry Index rose 7.4 percent, with Capesize up 1.0 percent, Panamax 0.4 percent, and Supramax 0.5 percent.

• Oil prices moved higher, with WTI crude closing at USD 62.74 per barrel.

• Currency markets weakened: Indian rupee fell to INR 88.28, Pakistani rupee to PKR 284, Bangladeshi taka to BDT 122.02, and Turkish lira to TRY 41.33.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 625 per ton, Bangladesh USD 519 per ton.

Conditions remain bleak. Political uncertainty and slow Hong Kong Convention approvals continue. Only one 30 K LDT LNG carrier arrived. Recyclers face unsold inventories, and although inflation eased to 8.28 percent, ship recycling activity remains minimal.

India

Alang saw an influx of more than 155K LDT, including two large 33K LDT LNG carriers and several tankers. Despite this, a record-low rupee and tariff concerns kept buyers cautious. Steel plate prices held at USD 448 per ton and overall sentiment stayed restrained.

Pakistan

Gadani recorded no arrivals for the second week. Plate prices remained high at USD 625 per ton. Provisional DASRs and slow Hong Kong Convention yard upgrades kept buyers ready but inactive. The Pakistani rupee weakened to PKR 284.

Turkey

Activity stayed quiet. Red tape remains an issue, the lira slipped to TRY 41.33, and no market sales were reported.

Beach Breakdown

Freight markets strengthened and steel prices were unchanged. India had notable LNG arrivals, while Bangladesh, Pakistan, and Turkey experienced another subdued week.

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