In this episode of Beyond the Last Voyage, Jamie Dalzell speaks with Captain Yogesh Rehani, Head of Operations at GMS, about what truly happens when a vessel is sold on an As Is Where Is basis and the buyer inherits every operational risk. Drawing on real takeovers of dead ships, long idle tankers, and fire, collision, and flood damaged vessels, they explain how GMS assesses seaworthiness, restores critical systems, works with naval architects, class, and marine warranty surveyors, and chooses the safest plan for delivery under tow or under own power to recycling yards in the subcontinent.

Week 1 of 2026 opens with heightened geopolitical uncertainty and mixed macro signals, and ship recycling markets respond with a clear reshuffle across the main destinations. India rebounds sharply to lead pricing despite a softer rupee, Bangladesh weakens further amid growing uncertainty ahead of elections, Pakistan stays close but remains constrained by limited HKC ready capacity, and Turkey remains quiet with no reported sales. We also review the week’s port activity and wrap up with the latest indicative recycling levels across Bangladesh, India, Pakistan, and Turkey.

A year-end review of the global ship recycling market covering pricing, supply, HKC compliance, and freight trends across Bangladesh, India, Pakistan, and Turkey - with a forward look into 2026.

Jamie Dalzell speaks with Dr. Anand Hiremath about SSORP training delivered across ship recycling yards in India, Bangladesh, and Pakistan. They share what safer routines look like on the job, including Permit to Work discipline, hot work controls, lifting safety, confined space awareness, heat stress prevention, near miss reporting, and mock drills. SSORP has delivered 781 sessions to 12,036 workers across 70 topics, free for workers, to strengthen everyday habits that reduce incidents.

Week 51 ship recycling market update with Grace and Ryan covering Bangladesh, India, Pakistan, and Turkey. Freight softer, steel prices shift, supply stays tight, and HKC upgrades continue. Plus, Dr. Anil Sharma recognized in Lloyd’s List Top 100 for the 16th straight year.

Episode 3 of Ship Recycling Insurance Explained explores how technology, ESG expectations, and upcoming regulations are reshaping maritime risk management. Paulina describes how digital tracking, AI based routing, improved certification, and stronger auditing systems enhance visibility and compliance throughout the final voyage. The episode also explains how insurers now link coverage to responsible recycling standards and how GMS prepares for these future requirements through proactive and transparent risk management.

Ingrid and Henning cover Week 50 of the GMS Weekly Ship Recycling Market Insight, titled “December Downers,” as year-end sentiment weakens across demolition markets. The Baltic Dry Index slips nearly 4% (Capes down 5.6%) while oil falls over 3% to about $57.61/bbl, and a strong U.S. Dollar plus softer steel plate prices continue to pressure bids across the sub-continent—pushing many indications toward $400/LDT and below. Bangladesh stays top-ranked but fundamentals deteriorate as plate prices drop about $9/ton and political risk rises ahead of the Feb 12, 2026 election; India remains the weakest with steel around $377/ton and INR near 90.50; Pakistan stays quiet despite ongoing HKC progress; and Turkey is steady but slow with TRY around 42.70.

Episode 2 of Ship Recycling Insurance Explained looks at how insurance helps manage market volatility, political challenges, and compliance demands across global ship recycling destinations. Paulina explains how GMS uses international reinsurers, strong local correspondents, and tailored policy wording to address sanctions, currency issues, enforceability concerns, and ESG requirements. The episode highlights how insurance supports stable and responsible operations, even in unpredictable environments.

In this Week 49 GMS Weekly Podcast, Ingrid and Henning review another quiet period for global ship recycling as steel prices across the Indian subcontinent ease by about 5 dollars per ton, currencies in India, Bangladesh and Turkey weaken against the US dollar and the Baltic Dry Index slips around 3 percent while oil holds near 59 dollars 70 cents a barrel. Bangladesh keeps its position at the top of the price rankings, India remains at the bottom with very limited new arrivals, and Pakistan builds on the recent approval of its first Hong Kong Convention compliant yard in Gadani. Turkey records one of the few bright spots with local steel prices up about 10 dollars per ton and slightly higher offers, although Lira weakness continues to challenge buyers. The episode highlights how tight supply, currency moves and growing HKC capacity are shaping end of year sentiment and setting expectations for the 2026 recycling market.

Episode 1 of Ship Recycling Insurance Explained explores why insurance is a vital part of a vessel’s final voyage to the recycling yard. Jamie Dalzell speaks with Paulina, Head of Insurance at GMS, about how navigation risk, crew and third-party liabilities, pollution exposure, and contractual compliance all require strong and carefully structured insurance. The discussion highlights the role of P and I Clubs, hull insurers, and Marine Warranty Surveyors, and explains how reputable coverage supports safe, responsible, and compliant ship recycling.

In Week 48 of the GMS Weekly Podcast, Ingrid and Henning discuss another unsettled week for global ship recycling as steel plate prices fell across Bangladesh, India, Pakistan, and China, while the US dollar softened in most markets and the Baltic Dry Index climbed to its highest level since December 2023. Bangladesh held the strongest pricing despite weaker fundamentals and political tension, India remained subdued below the 400-dollar level, and Pakistan marked a major milestone with its first HKC-compliant yard approved by Bureau Veritas. Turkey stayed stable but quiet as the Lira continued to weaken. With limited demolition supply, softer steel, shifting currencies, and increasing compliance activity, the market enters the final weeks of 2025 with cautious expectations and an eye on potential improvement in 2026.

In this Week 47, 2025 edition of the GMS Weekly Podcast, unpack a volatile week for the global ship recycling market as “forums and frictions” define sentiment. Oil slipped to around USD 57.7 per barrel, steel prices softened in Bangladesh and Pakistan, and the Indian Rupee’s sharp drop hit recyclers’ confidence. While the Tradewinds Ship Recycling Forum in Hong Kong spotlighted dark-fleet and regulatory pressures, Bangladesh advanced to 20 HKC-approved yards and Pakistan prepared to certify its first. With limited vessel supply, weaker currencies, and shifting compliance landscapes, South Asia’s recycling markets edge toward 2026 amid uncertainty but also signs of sustainable progress.

In this new episode of Inside the Markets from GMS Podcasts, host Jamie Dalzell is joined in Athens by Ilias Stasinos of GMS Greece to break down the latest trends in the ship recycling market as 2025 comes to a close. Together they look at how global freight rates, weaker currencies in the subcontinent, and softer scrap steel prices are shaping ship recycling decisions for Greek owners and recyclers in India, Bangladesh, Pakistan and Turkey.

In this Week 46 edition of the GMS Weekly Podcast, Grace and Ryan unpack the latest global ship recycling market trends as steel prices fall, the U.S. Dollar strengthens, and vessel supply stays limited across South Asia. From Bangladesh’s renewed activity in Chattogram to India’s quiet Alang yards, Pakistan’s weaker steel fundamentals, and Turkey’s steady but cautious outlook, the hosts explore how market volatility, currency pressure, and shifting freight economics are shaping the final weeks of 2025 for the world’s leading ship recycling destinations.

In this Week 45 episode of the GMS Weekly Podcast, global ship recycling markets remain quiet as inflation rises, steel prices weaken, and currencies struggle across key destinations. The Baltic Dry Index gained 7% for the week, but that momentum has yet to reach recycling yards. Bangladesh saw no viable tonnage and collapsing steel demand, India stayed active despite low prices, Pakistan slipped further below USD 400 per LDT amid cheap Iranian imports, and Turkey’s yards remained largely idle. With supply thin and sentiment cautious, the industry continues to wait for its long-delayed “Trading Day.”

In the November 2025 Dubai Edition of Inside the Markets from GMS Podcasts, host Jamie Dalzell speaks with Simos, Head of the GMS Dubai Office, about the shifting dynamics in the global ship recycling market. They explore how declining oil prices, currency fluctuations, and cheap imported steel are reshaping pricing and sentiment across India, Bangladesh, and Pakistan. Despite Pakistan’s high plate prices, operational challenges persist, while India maintains reliability through strong HKC compliance and Bangladesh remains cautious ahead of elections. From Dubai’s growing role in structured recycling deals to the broader outlook for early 2026, this episode offers concise, data-driven insight into the industry’s current phase of “controlled stagnation.”

In this Week 44 edition of the GMS Weekly Podcast titled “Halloween November?”, global ship recycling markets ended October on a somber note as the Baltic Dry Index and oil prices slipped, currencies weakened, and sentiment across India, Bangladesh, Pakistan, and Turkey remained fragile. Limited tonnage, discounted sanctioned vessels, and political uncertainty continued to haunt the industry, while a few bright spots such as growing HKC yard accreditations in Bangladesh offered some hope amid the gloom.

In this episode of Inside the Markets from GMS Podcasts, host Jamie Dalzell reconnects with Kiran Thorat, Head of GMS India Office, for an in-depth update on India’s ship recycling market. Two months after their last discussion, Alang continues to demonstrate resilience amid slower arrivals, softer steel prices, and tighter negotiations. Kiran shares how Indian recyclers are maintaining full operational readiness, upholding Hong Kong Convention compliance across more than 110 certified yards, and positioning for a gradual market recovery post-Diwali. India’s consistency, transparency, and trust-driven approach once again reaffirm its leadership in global ship recycling.

In this Week 43 episode of the GMS Weekly Podcast, titled “Woefully Slow,” we examine a subdued week across global ship recycling markets as the Baltic Dry Index slipped 3.2% and oil edged up to USD 62.14 per barrel. Sub-continent prices continued to weaken below USD 400/LDT amid scarce tonnage and muted sentiment. India remained quiet post-Diwali with steel at USD 389 per ton and INR 87.54; Bangladesh saw limited activity led by LNG and bulker sales with the Taka at BDT 122.35; Pakistan slowed again as cheap Iranian steel undercut prices near USD 614 per ton; and Turkey held steady with TRY 42.08 per USD and offers around USD 250–270/LDT. Overall, firm freight rates contrast sharply with a recycling sector still facing low supply, soft prices, and little sign of near-term recovery.

In this Japan-focused episode of Inside the Markets from GMS Podcasts, host Jamie Dalzell speaks with Amit Malhotra, Head of GMS Japan, about how Japanese shipowners are managing a calm but strategic recycling market under the newly enforced Hong Kong Convention. As global steel prices soften and subcontinental activity slows, Japan continues to prioritize compliance, safety, and sustainability over short-term gains. The discussion explores current pricing trends, the growing use of GMS’s Sustainable Ship and Offshore Recycling Program (SSORP), and the outlook for LNG carrier recycling as owners prepare for a more regulated and responsible future.