In this Week 1 edition of the GMS Weekly Podcast, we start 2026 with a market shaped by fresh geopolitical uncertainty and mixed macro signals. Ingrid and Henning walk through how freight sentiment, oil direction, currency moves, and steel fundamentals are influencing buyer appetite across the main ship recycling destinations.

Global Market Overview
The opening week of the year saw a cautious tone across demolition markets. Freight showed early signs of improvement, supporting owner confidence and limiting recycling supply. Oil ticked higher on the week but remained in a lower range, while the U.S. dollar and local currencies continued to influence bid levels and execution decisions. Against this backdrop, pricing across the sub-continent shifted meaningfully, with India improving and Bangladesh weakening.

Bangladesh
Bangladesh continued its downward move from late Q4 highs, with market levels roughly USD 50 per LDT lower than the peak period following the November tonnage surge. Political uncertainty ahead of the February elections weighed on confidence, and recyclers remained selective. The taka softened again to around 122.30 per U.S. dollar. Operationally, Chattogram was the only sub-continent market to report arrivals this week, totaling about 39,560 LDT, including a large LNG or gas carrier and other units.

India
India delivered the strongest improvement of the week. Alang moved back to the top of the pricing range with a near USD 30 per LDT gain, even as the rupee weakened again to around 90.28 per U.S. dollar. Alang anchorage appeared quiet on paper, although units may still be waiting outside and not yet reflected in reports. With compliance and execution now central to every recycling decision, India remains well positioned to capture available tonnage when competing markets are constrained.

Pakistan
Pakistan stayed close behind India, but buying levels remained largely below USD 400 per LDT. Gadani anchorage was empty again, highlighting the subdued start to January. The rupee softened slightly to around 280.62 per U.S. dollar, and domestic indicators showed inflation easing to 5.6 percent. Progress on HKC readiness continues, but limited compliant capacity remains a key constraint on throughput and competitiveness.

Turkey
Turkey remained quiet with no reported recycling sales during the week. The lira weakened further to around 43.03 per U.S. dollar, and Aliaga activity stayed subdued.

Indicative Market Levels for Week 1 (USD per LDT)
Bangladesh: Bulker 380 | Tanker 400 | Container 410
India: Bulker 410 | Tanker 430 | Container 440
Pakistan: Bulker 390 | Tanker 410 | Container 420
Turkey: Bulker 270 | Tanker 280 | Container 290

Market Sentiment and Outlook
The key theme early in 2026 is a combination of higher uncertainty and tight supply. Freight improvement can continue to delay recycling candidates, while HKC ready capacity and execution certainty will remain decisive for pricing and deal flow. India leads the week on pricing, Pakistan remains in range but constrained, Bangladesh faces a difficult period ahead of elections, and Turkey stays on the sidelines.

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