Host Jamie Dalzell speaks with Ilias Stasinos of GMS Greece to examine how Greek shipowners are responding to softer steel prices, weaker currencies and an uneven demand profile across India, Bangladesh, Pakistan and Turkey. As 2025 ends, Athens remains a key vantage point on how owners balance strong freight earnings against recycling opportunities in the global ship recycling market.

Market Overview

The global ship recycling market is in a holding pattern as freight continues to generate respectable returns and scrap steel prices soften across the subcontinent. Currencies in India, Bangladesh, and Pakistan have weakened further, squeezing recycler margins just as steel values move lower. Activity is limited and highly selective, with owners and buyers waiting for clearer signals before committing to new deals.

Greek Owners and Trading Sentiment

Greek owners remain firmly in trading mode. Even vessels in their late twenties are still trading, supported by earnings that cover operating costs and capital. For most large and listed companies, recycling is not yet a priority decision. Owners prefer to extract one more round of voyages while freight offers a cushion and recycling prices do not provide sufficient upside.

India

India retains its position as the most dependable destination for compliant ship recycling. A stable network of HKC certified yards and transparent procedures give comfort to listed and reputation sensitive owners. Steel prices have shown only modest improvement, and the rupee remains under pressure, which keeps buyers cautious. Sentiment is stable rather than optimistic, but India continues to be a first choice for many Greek controlled vessels when recycling finally becomes unavoidable.

Bangladesh

Bangladesh has seen a brief cluster of arrivals at Chattogram, mostly units that were already sitting in inventories and finally found a window to move. This is viewed as coincidence rather than a new trend. Political uncertainty, softer plate prices, currency strain, and selective buying continue to limit fresh demand. While the growing base of HKC approved yards is positive for long-term compliance, buyers are still focusing on carefully chosen opportunities.

Pakistan

Pakistan remains competitive on paper but constrained in practice. Local steel prices have fallen sharply, with recent cuts of approximately USD 13 per ton pulling values below the USD 600 per ton mark. The rupee has weakened again, and there have been no new arrivals. Greek owners and other listed entities are reluctant to engage until Pakistan secures its first HKC compliant yard approval. A clear policy shift on green recycling could quickly lift sentiment, but for now Pakistan is viewed as a watch-and-wait market.

Turkey

Turkey continues to serve as a niche destination for EU flagged tonnage and smaller specialized units. Prices are steady, yet the weakening lira and limited capacity keep activity contained. For mainstream Greek fleets, Turkey will remain a secondary option unless price levels move significantly higher.

Outlook

For November 2025, the dominant theme is restraint rather than urgency. Freight markets still support trading decisions, while recycling prices and currency trends do not yet justify large scale scrapping. Older Panamax bulkers are closest to the economic edge and may be the first to move if earnings retreat. Across all destinations, currencies are now influencing sentiment as much as scrap prices themselves.

Industry Message

The Athens Edition underscores a market shaped by patience, optionality, and disciplined compliance. With Greek owners trading rather than scrapping, India holding the compliance advantage, Bangladesh active but fragile, Pakistan waiting on HKC progress and Turkey serving its specialised niche, the ship recycling story at the end of 2025 is defined by careful observation and preparation for the next decisive shift.