Inside the Markets: India – Alang’s recycling edge, LNG arrivals, tariffs, and compliance risks

In this episode of the Inside the Markets series from GMS Podcasts, we focus on India – the anchor of South Asia’s ship recycling industry and home to the world’s largest cluster of Hong Kong Convention–compliant yards. Despite sanctions, tariffs, and global trade headwinds, India continues to attract complex tonnage, including LNG carriers and tankers, while providing owners with predictable, compliance-driven recycling solutions.

Jamie Dalzell, Head of the GMS Singapore Office, speaks with Kiran Thorat, Head of the GMS India Office, about how Alang’s recyclers are navigating shifting prices, U.S. tariffs, sanctions risk, and growing international scrutiny while still maintaining India’s leadership in global ship recycling.

The discussion covers:

• Current pricing spreads across India, Pakistan, and Bangladesh, with Pakistan leading but India offering stability

• How compliance and HKC-certified yards keep India attractive to international shipowners

• The rise of LNG and tanker recycling in Alang, and how India manages complex vessels safely

• The impact of U.S. tariffs, sanctions, and Chinese steel exports on India’s market and plate prices

• Regional outlook: Bangladesh’s flat market, Pakistan’s comeback, and India’s compliance advantage

• Flash Forecast: Most likely ship types, destination choices, and biggest risks heading into Q4

From LNG carriers to overaged tankers, Kiran shares frontline insight into how India is balancing opportunity and risk in today’s volatile market.

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