Activity Increases in Ship Recycling Yards
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. and Iran alleviated concerns over potential supply disruptions erupting out of the Middle East.
“As we slip past oil discussions and into the Indian sub-continent ship-recycling destinations, faint signs of life have certainly started to show (at least at the waterfronts) as we head further into February, after an inert start to the year produced some worrying reversals that seemed like the visiting mother-in-law who wasn’t planning on leaving (still feels like that way somehow). Local steel prices surged this week with all sub-continent destinations reporting major jumps across the week.
“The shortage of recycling candidates meanwhile continues to flirt with a starving industry.”
Older handy bulkers and LNGs have certainly been sold at the start of this year, and at some firming levels too, but tankers (for the most part) and containers have been absent over the last few years.
“It’s looking set to be another quiet 2026, especially as geopolitical shocks continue to keep trading markets propped up.”
GMS market rankings / pricing for week 6 of 2026 are: 
