In this Week 32 episode of the GMS Weekly Podcast, we examine the shifting global ship recycling landscape as “Liberation Day” tariffs from April take effect, impacting India and other key destinations. Oil prices fell 5% to USD 63.90, the Baltic Dry Index climbed over 2% driven by stronger Cape rates, and currency movements were mixed across the sub-continent.

India faces 50% U.S. export tariffs and ongoing sanctions pressure linked to Russian trade. The Indian Rupee eased to Rs 87.50, steel prices fluctuated but ended flat, and six vessels totaling nearly 57,000 LDT arrived at Alang, including high-value LNG and bulker tonnage.

Pakistan leads regional pricing with steel plate at USD 615/Ton. Gadani welcomed a nearly 9,000 LDT woodchip carrier as provisional DASR certificates allow select yards to bid competitively. The Rupee closed at PKR 283.60.

Bangladesh saw HKC-certified yards return to the bidding tables after recent deliveries, with four vessels totaling around 30,000 LDT arriving in Chattogram. The Bangladeshi Taka strengthened to 121.37 amid continued yard upgrade activity.

Turkey remained quiet with no vessel arrivals or sales. The Turkish Lira weakened to TRY 40.76, keeping Aliaga’s market in stasis.

Key market insights this week:

• India: LNGs and bulkers maintain Alang’s momentum despite tariffs and currency pressure. HKC compliance remains a competitive edge.

• Pakistan: Strongest pricing in the region with firm steel levels and selective yard upgrades.

• Bangladesh: Monsoon season slowdowns offset by renewed HKC yard activity and modest arrivals.

• Turkey: Continued currency weakness and no market movement.

We also track freight indices, regional steel trends, and HKC adoption progress, vital intelligence for shipowners, cash buyers, recyclers, and maritime investors monitoring the Indian sub-continent.

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