Inside the Markets - Dubai Edition: Tanker Recycling Outlook, Currency Risks and Market Shifts

In this Dubai special of Inside the Markets from GMS Podcasts, host Jamie speaks with Simos, Head of the GMS Dubai Office, to examine the latest developments in ship recycling and pricing across India, Pakistan and Bangladesh. Dubai’s position at the centre of tanker trading and ship disposal offers a unique perspective on market opportunities and risks.

Discussion highlights include:

• India’s recycling activity facing pressure from a weakening rupee near 88, new tariffs and steady steel prices around 430 dollars per ton, while maintaining more than 100 HKC-compliant yards
• Pakistan’s steady rupee at approximately 283, plate prices rising to about 625 dollars per ton, and a 12 billion rupee plan to create a model green yard cluster at Gadani by 2026
• Bangladesh’s slowdown with steel at about 519 dollars per ton, only 21 active yards despite 18 HKC approvals, and political focus on elections scheduled for early 2026
• Freight support that keeps bulk carriers trading and delays supply, while older crude and product tankers in the Middle East approach the end of their trading life
• The impact of the Hong Kong Convention as IHMs, recycling plans and yard checks become standard, adding process steps but lowering risk
• Dubai’s role in structuring forward deliveries, leasebacks and other value unlocking strategies for regional owners

This episode provides detailed market intelligence for shipowners, brokers and recyclers navigating currency risk, regulatory change and freight dynamics.

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