GMS Podcasts
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.
Episodes
Week 11 of 2026 brings heightened geopolitical tension and its effects on global shipping and ship recycling markets. Escalating conflict in the Middle East is beginning to influence energy markets, trade routes, and demolition pricing across the Indian Subcontinent.
Following military strikes near Iran’s Kharg Island, one of the country’s primary crude export terminals, oil prices moved sharply higher and approached the USD 100 pe...
Week 10 of 2026 brings major geopolitical disruption to the global shipping and ship recycling markets as escalating conflict in the Middle East sends shockwaves through energy markets, trade routes, and demolition pricing across the Indian Subcontinent.
Following the closure of the Strait of Hormuz and rising regional instability, oil prices surged sharply above USD 110 per barrel, driving higher operating costs across global ship...
Week 09 of 2026 shows a ship recycling market operating cautiously as steel price weakness, currency volatility, and macro uncertainty continue to influence buyer behavior across the Indian Subcontinent.
Even without excessive vessel supply, demolition prices have struggled to move higher. Recyclers in Bangladesh, India, and Pakistan are maintaining strict pricing discipline as local steel fundamentals remain soft and exchange rate...
Week 8 of 2026 delivered a volatile yet constructive shift in the global ship recycling market. Freight rates, oil prices, steel fundamentals, and currencies all moved sharply before partially retracing by the end of the week. Despite Chinese New Year holidays, recycling supply surprised the market with approximately 151,000 LDT across 16 vessels delivered or arrived across India, Bangladesh, and Pakistan.
In this episode, Ingrid a...
The global ship recycling market saw another shift in Week 7 of 2026 as key fundamentals moved in different directions across the sub-continent. The Baltic Dry Index declined by 0.6 percent, mainly due to weaker Capesize and Panamax performance, while Supramax rates improved. Oil prices held near USD 62.8 per barrel as markets continued to monitor U.S. and Iran tensions.
In this week’s episode, Ingrid and Henning discuss how the U....
The global ship recycling market saw another sharp shift this week as the U.S. dollar weakened across nearly all recycling destinations, providing fresh support to buyer sentiment across the sub-continent. Steel fundamentals also strengthened significantly, with India, Pakistan, and Bangladesh reporting notable weekly jumps in local steel plate prices.
In this week’s ship recycling market podcast, Ingrid and Henning break down the ...
The global ship recycling market enters February under renewed pressure as currency volatility, rising oil prices, and shifting fundamentals reshape buyer behavior across key recycling destinations.
In this week’s market update, Ingrid and Henning discuss how Pakistan strengthens its position following another HKC-approved yard and firm steel fundamentals, while Bangladesh returns to the bidding tables but remains constrained by we...
The global ship recycling market continues to shift as volatility, currency pressure, and limited vessel supply reshape buyer behavior across key destinations.
In this episode, Ingrid and Henning discuss the latest developments across the Indian sub-continent and Turkey, as market rankings reshuffle and sentiment moves rapidly week to week.
Bangladesh falls to the bottom of the regional pricing table amid weak bidding activity and ...
The global ship recycling market remains cautious as currency pressure, steel price volatility, and limited vessel supply continue to shape buyer behavior across key destinations.
In this episode, Ingrid and Henning break down the latest developments across the Indian sub-continent and Turkey, as recyclers navigate weakening local currencies, uneven steel plate prices, and selective demand for tonnage.
The discussion explores why r...
Offshore units are not conventional ships, and recycling them safely requires a different level of planning, structural scrutiny, and environmental control. In this episode of Beyond the Last Voyage, Jamie Dalzell, Head of GMS Singapore, is joined again by Capt. Yogesh Rehani, Head of Operations at GMS, to discuss how GMS manages the last voyage of FPSOs, FSOs, semi submersibles, and jack up rigs.
Capt. Yogesh explains why these as...
Week 2 of 2026 brings heightened volatility to the global ship recycling market as geopolitical tensions, rising oil prices and unstable currencies reshape buyer sentiment across the sub-continent.
In this episode, Henning and Ingrid explain why USD 400 per LDT has become the key pricing level for shipowners, how Bangladesh has surged back to the top of the market, why India’s New Year rebound quickly reversed, and why Pakistan rem...
When a vessel is sold on an As Is Where Is basis, every operational, safety, and environmental risk transfers to the buyer. This first episode of Beyond the Last Voyage explains what that really means inside the global ship recycling industry.
Hosted by Jamie Dalzell, Head of GMS Singapore, this episode features Capt. Yogesh Rehani, Head of Operations at GMS, who has spent more than 25 years managing last voyage projects involving ...
Week 1 of 2026 starts with heavy geopolitical noise and mixed macro signals, and ship recycling markets respond with a clear reshuffle across the main destinations. In this episode, Ingrid and Henning cover what is moving sentiment, how currencies and steel are shaping bids, and where recycling candidates are most likely to end up in the near term.
This week in the markets: India (Alang) strengthened sharply and moved back to the t...
As 2025 comes to a close, GMS Weekly - Week 52 delivers a comprehensive year-end overview of the global ship recycling and demolition market, highlighting key trends, pricing movements, and compliance developments across the major recycling destinations.
In this episode, Henning and Ingrid reflect on a turbulent year shaped by scarce vessel supply, declining steel plate prices, volatile currencies, and continued uncertainty across ...
In this episode, Jamie Dalzell, Head of GMS Singapore, speaks with Dr. Anand Hiremath, GMS Chief Sustainability Officer and lead of SSORP, the Sustainable Ship and Offshore Recycling Program.
In ship recycling, many incidents happen when routine takes over and basic checks are skipped to keep work moving. This conversation focuses on the small actions that prevent harm on the ground: the pause before lighting the torch, a gas check...
In this Week 51 episode, Ingrid and Henning break down the latest ship recycling and demolition market signals across Bangladesh, India (Alang), Pakistan (Gadani), and Turkey (Aliaga).
This week delivers a sharp reminder of December volatility: freight markets continue to ease, the U.S. Dollar remains unstable, oil holds at relatively low levels, and local steel plate prices shift across the sub-continent. With the Hong Kong Conven...
In Part 3 of Ship Recycling Insurance Explained, host Jamie Dalzell and Paulina, Head of Insurance at GMS, look ahead at the technologies, regulations, and ESG expectations that will shape the next phase of maritime risk management. As ship recycling becomes more regulated and data driven, owners, insurers, and recycling partners rely on stronger verification systems and real-time information to manage final voyage exposure.
Paulin...
In this Week 50 edition of the GMS Weekly Podcast, Grace and Ryan break down the latest ship recycling / demolition market developments across Bangladesh, India, Pakistan, and Turkey.
Week 50 delivers “December Downers” as sentiment weakens into year-end: the Baltic Dry Index (BDI) slips nearly 4% (with Capes down 5.6%), and oil retreats over 3% to around $57.61/bbl. A strong U.S. Dollar, softer local steel plate prices, and limite...
In Part 2 of Ship Recycling Insurance Explained, Jamie Dalzell and Paulina, Head of Insurance at GMS, examine how insurance helps manage market volatility, political risk, and compliance pressures in global ship recycling. Many recycling destinations face currency restrictions, regulatory challenges, and shifting geopolitical conditions, and this episode explains how structured insurance programs provide stability and protection th...
In this Week 49 edition of the GMS Weekly Podcast, Grace and Ryan review the latest ship recycling market developments across Bangladesh, India, Pakistan, and Turkey.
The final weeks of 2025 brought softer steel prices, weaker currencies, and a continued shortage of available tonnage. The Baltic Dry Index slipped about 3 percent, oil steadied near 59 dollars 70 cents a barrel, and local plate levels fell by roughly 5 dollars per to...
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