GMS Weekly Podcast | Week 39 Ship Recycling Recap – India’s Turbulent Slide, Bangladesh Bypassed, Pakistan Bags Bulk, Turkey Snoozes

In this Week 39 edition of the GMS Weekly Podcast, we unpack the latest ship-recycling market trends, freight dynamics, currency and steel movements, and key regional updates from India, Bangladesh, Pakistan, and Turkey. This week’s theme: Disconnect.

Global Market Overview

• Dry bulk freight turned volatile: Baltic Dry Index ended the week with a net 2.5 % gain, driven by Capesize strength of about 5.5 %, even as daily readings slipped late in the week.

• Oil softened: WTI crude fell 1 % to around USD 65 per barrel, pressured by Kurdistan resuming crude exports after 2.5 years.

• Currencies weakened: Indian rupee dropped to INR 88.62, Bangladesh taka to BDT 122.04, and Turkish lira to TRY 41.58; only the Pakistani rupee strengthened, to PKR 282.50.

• Steel plate prices mostly flatlined, except India slid USD 15 to USD 409.20 per ton, weighing on sentiment.

Bangladesh Chattogram stayed the quietest sub-continent market. Recycled steel failed to move, and larger LDT tonnage kept diverting to competitors. The taka closed at BDT 122.04, while 18 yards are HKC-compliant with more approvals expected next month.

India Alang faced a tough week. The rupee weakened to INR 88.62, briefly near 89, and steel prices dropped to USD 409.20 per ton. Some speculative deals, like the 4,810 LDT container Niigata Trader at USD 480/LT LDT, look stretched as fundamentals deteriorate. Ongoing U.S. tariffs and sanctions continue to cloud Q4 prospects.

Pakistan Gadani brightened the regional picture. Several bulkers changed hands, including Rising Harrier at USD 445/LT LDT and Puteri Kirana at USD 390/LT LDT (“as is” Surabaya). Strong local steel prices and a PKR strengthening to 282.50 support momentum, even as HKC compliance work continues.

Turkey Activity remained subdued. The lira slipped to TRY 41.58, and local steel prices edged lower, keeping sentiment soft.

Beach Breakdown With freight rates mixed and steel prices uneven, regional ship-recycling markets show a clear disconnect between fundamentals and bidding.

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