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 25 2026 | Peace Signed, Brent Drops to $78 & Monsoon Controls Supply

    20h ago

    Ship Recycling Market Update Week 25 2026 | Peace Signed, Brent Drops to $78 & Monsoon Controls Supply

    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: The interim US-Iran peace agreement and reopening of the Strait of Hormuz Brent crude collapsing toward USD 78 and the evaporation of the war premium Why lower bunker costs could finally release older vessels for recycling The continued cooling of dry bulk freight and Capesize earnings Why the monsoon now controls the beaching calendar across South Asia Bangladesh’s stable Taka, steady steel prices, and strong post-monsoon outlook India’s Rupee rally, softer Alang steel, and improving macro position Pakistan’s firm Rupee, strong steel pricing, and fading Gulf proximity premium Turkey’s Lira breaking 46 per dollar and Aliaga’s continued EU-regulated niche Why the second half of 2026 may bring the strongest candidate flow since February Key market takeaway: Peace has been signed, the Strait of Hormuz has reopened, Brent has returned near pre-war levels, and the freight premium is cooling. The deferred wave of recycling candidates is now being primed, but the monsoon remains the immediate constraint. The ships are free to move, but the beaches must wait for the rains to ease. 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.

    13 min
  2. Why Ship Recycling Prices Differ by Market | Steel, Ships & Recycling Values Ep. 2

    4d ago

    Why Ship Recycling Prices Differ by Market | Steel, Ships & Recycling Values Ep. 2

    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.

    13 min
  3. Ship Recycling Market Update Week 24 2026 | Brent Falls Below $90, Hormuz Deal Nears & Monsoon Rules

    Jun 15

    Ship Recycling Market Update Week 24 2026 | Brent Falls Below $90, Hormuz Deal Nears & Monsoon Rules

    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: Brent crude falling toward USD 89 and the cracking of the war premium The possible US-Iran agreement to reopen the Strait of Hormuz The proposed 30-day de-mining timeline for Hormuz Why lower oil prices and softer freight could eventually release older tonnage Why the monsoon now controls beaching activity across South Asia Bangladesh’s stable Taka, steady steel prices, and strong Q3 demand outlook India’s Rupee recovery, softer Alang steel prices, and improving macro position Pakistan’s rising annual CPI, easing monthly inflation, and firm Gadani pricing How a Hormuz reopening may gradually reduce Pakistan’s Gulf proximity premium Turkey’s inflation pressure, Lira stability, and continued EU-regulated recycling niche Subcontinent recycling prices, vessel supply, and cash buyer sentiment Why the second half of 2026 may look more constructive than the first 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.

    10 min
  4. Why Steel Prices Drive Ship Recycling Offers | Steel, Ships & Recycling Values Ep. 1

    Jun 12

    Why Steel Prices Drive Ship Recycling Offers | Steel, Ships & Recycling Values Ep. 1

    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.

    10 min
  5. Ship Recycling Market Update Week 23 2026 | Hormuz Traffic Returns, Brent Eases & Monsoon Window Closes

    Jun 8

    Ship Recycling Market Update Week 23 2026 | Hormuz Traffic Returns, Brent Eases & Monsoon Window Closes

    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 • Brent crude easing and global energy market reaction • Baltic Dry Index strength and Capesize freight earnings • Why strong freight continues to delay ship recycling supply • Bangladesh ship recycling market stability and Taka performance • Chattogram demand, LC financing, and monsoon impact • Indian Rupee recovery and Alang market conditions • RBI policy measures and India’s ship recycling outlook • Pakistan Rupee strength and Gadani pricing leadership • Turkey’s Lira stability, inflation pressure, and Aliaga’s EU-regulated niche • Subcontinent recycling prices, vessel supply, and cash buyer sentiment • Why the market enters monsoon season with demand intact but supply absent 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.

    7 min
  6. Ship Recycling Market Update Week 22 2026 | US-Iran Deal Struck, Hormuz Reopening, Brent Falls & Monsoon Window Closes

    Jun 1

    Ship Recycling Market Update Week 22 2026 | US-Iran Deal Struck, Hormuz Reopening, Brent Falls & Monsoon Window Closes

    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 • Brent crude oil decline and energy market reaction • Baltic Dry Index performance and dry bulk freight trends • Capesize and Panamax earnings outlook • Bangladesh ship recycling market conditions and LC financing stability • Indian Rupee recovery and Alang recycling market developments • Pakistan Rupee strength and Gadani pricing trends • Turkey's inflation outlook and Aliaga recycling market activity • Monsoon season impact on ship recycling decisions • Vessel supply shortages and demolition market sentiment • Cash buyer outlook and subcontinent recycling pricing • Global ship recycling market trends for owners, brokers, recyclers, and investors 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.

    8 min
  7. Ship Recycling Market Update Week 21 2026 | Hormuz Passage Opens, Monsoon Window Closes

    May 25

    Ship Recycling Market Update Week 21 2026 | Hormuz Passage Opens, Monsoon Window Closes

    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: Global ship recycling market trends Strait of Hormuz reopening signals Brent crude and WTI price movements Baltic Dry Index and dry bulk freight strength Capesize, Panamax, Supramax and Handysize earnings Bangladesh, India, Pakistan and Turkey recycling markets Bangladesh inflation and Taka stability India Rupee record low and CPI performance Pakistan Rupee stability and Gadani pricing strength Turkey Lira weakness and Aliaga’s EU-focused role Hong Kong Convention-compliant recycling yards Monsoon impact on ship recycling activity Cash buyer sentiment and recycling pricing outlook Vessel supply, backlog and owner decision-making Key Market Developments This Week Three supertankers crossed the Strait of Hormuz for the first time since March President Trump said U.S.–Iran talks are in the “final stages” Brent crude eased more than 5% to around USD 105 per barrel WTI moved below USD 100 per barrel Baltic Dry Index closed around 3,005 after peaking above 3,092 Capesize earnings remained above USD 40,000 per day Panamax earnings strengthened to more than USD 22,000 per day Bangladesh Taka remained stable around 122.87 against the U.S. Dollar Bangladesh April CPI rose to 9.04% Bangladesh LC pipeline remained operational for a sixth consecutive week Indian Rupee touched a fresh all-time low around 96.97 against the U.S. Dollar India April CPI remained controlled at 3.48% Pakistan Rupee held firm around 278.63 against the U.S. Dollar Gadani pricing remained among the strongest globally Turkish Lira weakened to a fresh record low around 45.58 against the U.S. Dollar Aliaga remained focused on EU-regulated tonnage Monsoon window narrowed to approximately one week Recycling tonnage supply remained limited despite stronger reopening signals 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.

    9 min
  8. 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
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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