Ship Recycling News

Ship recycling prices across key recycling destinations have remained broadly stable despite weaker conditions in steel markets, cautious buying and pressure on steel prices, Wirana Shipping’s latest market outlook report has shown.Ship recyclers are largely maintaining their prices even as demand for steel remains uneven and buyers remain selective. Prices offered by ship recyclers in India, Bangladesh and Turkey have continued at current levels, while Pakistan has emerged as…

The single most consequential development of Week 15 came out of Washington, not the recycling yards, reports cash buyer GMS. President Trump’s decision to delay planned strikes on Iranian energy infrastructure by five days, alongside comments describing talks with Iran as “productive,” triggered the sharpest oil reversal since the conflict began.The Baltic Dry Index rose to 2,139 by April 8, continuing a recovery that began from the March trough and extending to its highest level since early March.

Geopolitical risk has overtaken supply-demand fundamentals as the primary price driver in energy markets, and ship recycling is feeling the impact from both sides, as higher oil keeps aging vessels trading while a volatile U.S. dollar makes confident bidding difficult to sustain, says cash buyer GMS.India delivered the week’s most notable currency development, as the rupee rebounded sharply from its record low of 94.42 to 92.73 following intervention measures by the Reserve Bank of India…

The global ship recycling market is moving into a more difficult quarter, with rising costs, rising steel prices, possible slowdown in local steel demand, energy shortages and exchange risks. Even within the Indian sub-continent these parameters can have differing impacts. As of today, Bangladesh and Pakistan hold firmer ground in terms of prices offered for recycling candidates, according to vessel cash buyer Wirana Shipping’s latest market report.Wirana’s industry report points to a market that is becoming harder to read and harder to time.

As the world's ship recycling markets emerge from the Eid al-Fitr holidays, they do so into an environment that continues to generate more questions than answers, says cash buyer GMS.“The post-holiday reopening, always anticipated as a potential catalyst for pent-up activity, has instead delivered something more characteristic of the broader 2026 narrative: confusion. Steel plate prices played opposite roles in Pakistan and India this week, as Indian levels recorded an impressive jump while Pakistani levels continued to bleed, declining non-stop over the course of the last month now.

Eid al-Fitr has arrived to greet the world's ship recycling markets this week, and as is tradition, it came bearing the gift of silence, reports cash buyer GMS. “From Chattogram to Gadani, Alang to Aliağa, the holy festival has pressed pause on an industry that was already beginning to feel the compounding weight of war, currency volatility, and a stubborn absence of fresh tonnage offerings.”The ongoing conflict in the Middle East, which has now stretched into its third week following the U.S.-Israeli military campaign against Iran…

ClassNK has certified Salam’s International, a ship recycling facility in Pakistan, as the first facility in the country to be certified by ClassNK for compliance with the Hong Kong International Convention for ship recycling. Based on this certification, the competent authority in Pakistan is expected to issue the Document of Authorization to conduct Ship Recycling (DASR) as required by the Convention.Pakistan acceded to the Hong Kong Convention in November 2023, and ship recycling facilities in the country have since been working toward compliance.

As oil started to climb, freight followed suit, continuing to feed the already rising global inflation picture, while the U.S. Dollar wore the crown jewel of the week, rising notably against all of the major international ship recycling markets, says cash buyer GMS. At the same time, local steel plate prices saw another volatile week across several recycling destinations as currency fluctuations and domestic demand influenced pricing levels across the Subcontinent.“Behind the broader market volatility lies a challenging reality: assets under pressure…

The International Labor Organization (ILO) launched a pilot Employment Injury Scheme (EIS) in collaboration with BIMCO to strengthen the protection and rights of workers at ship recycling yards in Bangladesh, the world’s biggest ship recycling nation.The scheme works as a social insurance where the risk is pooled and shared by the industry. By paying into the EIS, sellers of end-of-life ships can help ensure that workers and their families receive adequate and timely compensation, in line with international labour standards, in case of permanent injury or death.

India’s decision to introduce additional documentation checks before end-of-life vessels are cleared could prevent the practice of fake documents among the dark fleet, says leading vessel cash buyer Wirana Shipping Corporation.The recent decision taken by the Directorate General of Maritime Administration (DGMA) to introduce an additional process of documentation checks will act as a deterrent to ships being sent for recycling with fake documents, says Wirana Shipping, the world’s…

GMS, the world’s largest buyer of ships for recycling, has called on the European Commission to approve qualified Indian ship recycling facilities for inclusion on the European List under the EU Ship Recycling Regulation (EU SRR).Despite more than 110 Indian yards holding Hong Kong Convention (HKC) Statements of Compliance issued by IACS member classification societies, over 35 formal applications submitted, and at least 10 Commission-led inspections and audits, not a single Indian yard has been approved in more than a decade.“This is not a failure of standards.

The chaos in the Middle East is leaving regional and international markets bracing for the inevitable whirlpool of global insanity that is about to suck the entire world into short-term (at the very least) tumult, reports cash buyer GMS.Oil was already on its way up during the week, but as the weekend came around, it spiked over 10%, jumping from around USD 63/barrel last week to nearly USD 71.90/barrel (at the time of writing). The Baltic Exchange was also on its way up (rising 1.1%) but remained comparatively subdued in comparison to oil futures…yet.The Cape…

International market turmoil from the direct / indirect imposition of global tariffs and related actions saw a crazy Week 8 wind up in 2026, as freight rates and oil prices both moved up and subsequently down, reports cash buyer GMS.As oil rose above USD 63/barrel from last week to well over USD 66/barrel this week, it retreated back down to USD 65.93/barrel by week’s end, amid investors and forecasters increasingly weighing the possibility of Trump launching another confounding attack against Iran…

The second week of February brought on a really confusing spin to the markets, with fundamentals across the board performing bizarrely (compared to last week’s performance), reports cash buyer GMS.“After a volatile beginning to the month, the Baltic Exchange Dry Index and even oil futures found steady ground this week, while even the U.S. Dollar firmed against all ship recycling nation currencies except India (ain’t that a switch), as did local steel plate prices, which also saw India slip the car into reverse and backpedal nearly all of its recent gains.”In an expanded view…

The weekly roller coaster that has become the global marketplace went through its regular gravitational drop this week, with the U.S. dollar taking the “cement-footed diving approach” in all ship-recycling destinations… except Turkey, reports cash buyer GMS.The Baltic Exchange Dry Bulk Index fell 0.7% down to a two-week low, dragged by the Capesize index, which fell 1.1% over the week. The Panamax index slipped 0.4%, while the Supramax index rose 0.2%. Meanwhile, easing tensions between the U.S.

January 2026 joins the pages of history as being part of the ongoing misery for the global ship recycling world, but there were noteworthy surges to report this week, saysreports cash buyer GMS.“Across the board, for most of the major fundamentals, except sub-continent steel plate prices that have become the perennial party poopers of the recycling world of late, the momentum was definitely beyond noticeable,” says GMS. “The Baltic Exchange Dry Index, oil futures, and the U.S. Dollar collectively soared this week, creating ripples that would certainly be felt within the next four weeks.

Indian sub-continent ship recycling markets have been reflecting on what has been escalating on the international stage of late, reports cash buyer GMS. The company notes extremely turbulent effects emanating week after week from these markets — meaning it is becoming increasingly difficult to identify what price can be obtained for which type / LDT of unit and, most importantly, which buyer in which market would be willing to jump for the unit in question.“As we await January’s inflation figures from the various destinations…

The Baltic Exchange Dry Index halted a nine-session slide to mark a 2.3% U-turn, climbing to 1,567 points, reports cash buyer GMS. This was driven by gains across segments: Capes (up 2.3%), Panamax (up 4.3%), and the smaller segments adding four points by week’s end.“Notably, the overall benchmark index still finished the week down 7.2%. Oil too continued to trip on itself and stayed below the coveted USD 60/barrel mark despite a 0.4% increase, closing the week out at USD 59.44/barrel.“The U.S.

European shipowners who wish to have their vessels recycled will now be able to fulfil their legal obligations using a single administrative form.The European Commission has adopted new formats for the certificates used to list all hazardous material present on board a vessel and to confirm that a ship is ready for recycling.The update will enable ship owners to fulfil their obligations under both the EU's Ship Recycling Regulation and the Hong Kong Convention with a single certificate…

If 2026 continues as it has started, we are more than likely in for another roller-coaster year full of geopolitical risks, tensions, aggravations, and increasingly frequent shocks that could affect the shipping and ship recycling industries in numerous — and as yet untold — ways, says cash buyer GMS.Markets have reacted to recent Trump-related geopolitical news as they always do i.e. with chaos and volatility. “The Baltic Exchange reported another bleak week of declines for the fifth straight Friday…

Global economies delivered mixed signals as U.S. stocks maintained a steady decline over the tail-end of December, reports cash buyer GMS. China’s industrial growth slowed, and EU stocks reportedly surged.“The U.S. Dollar started the year off-balance against ship recycling currencies, shipowners started to rejoice as the Baltic Exchange Dry Index showed signs of a resurgence, oil continued to slip on its way to USD 60/barrel even though it climbed to USD 57.17/barrel this week…

“Inflation is on the rise again, plate prices are collapsing in the wrong places, all while the U.S. dollar continues to rummage through the wreckage of 2025 for whatever it can suck out of ship-recycling currencies and both freight rates and oil futures tumble in unison,” reports cash buyer GMS, “just within the span of week 50.”The Baltic Exchange Dry Index reportedly fell nearly 4%, down to its lowest level in nearly a month, dragged by capes that fell 5.6%. Panamax followed suit with a 2.1% drop…

December has brought with it a declining Baltic Exchange, reports cash buyer GMS. This saw the Dry Index fall by about 3%, this week, dragged down by mounting pressure across all segments that saw capes slipping 4.4%, panamax dropping 1.4%, and the smaller segments shedding five basis points, all while oil barely moved the needle as it closed another week at region USD 59.70/barrel (expected to breach USD 60/barrel in the coming week) and inflation reported minor improvements…