The latest Inside the Markets podcast from GMS, the world’s leading cash buyer of ships, takes listeners to Athens, where host Jamie speaks with Ilias Stasinos from GMS Greece about how Greek shipowners are managing the balance between strong freight earnings, softening oil prices, and weak recycling fundamentals.

As oil trades near USD 60 per barrel and global freight indices slide, recycling remains slow across the Indian subcontinent. Steel plate prices have moved to around USD 402 per ton in India, USD 620 in Pakistan, and USD 520 in Bangladesh, while currencies across all three markets continue to fluctuate. Despite these pressures, Greek owners are keeping their vessels in service, extending trading activity, and in many cases participating in Russian oil routes to capture additional returns.

Key Market Developments

India

• Rupee remains under pressure near 88.7 per USD with lower steel prices.

• Alang remains the most active recycling hub, handling over 43,000 LDT this week.

• Compliance strength continues with more than 100 HKC-approved yards.

Pakistan

• Plate prices steady at around USD 620 per ton, the highest in the region.

• Rupee at roughly 283 per USD with rising inflation near 5.4%.

• HKC certification process ongoing, with expectations of progress in 2026.

Bangladesh

• Activity remains slow despite 18 HKC-approved yards and 3 pending upgrades.

• Local steel prices near USD 520 per ton; limited rolling mill demand.

• Political and economic uncertainty continues ahead of 2026 elections.

Greek Owner Perspective
Greek owners continue to prioritize trading over recycling as daily earnings across bulkers and tankers remain strong enough to cover operating expenses. Many older vessels are debt-free, allowing operators to keep trading without pressure to sell.

Market Outlook

• Limited recycling activity expected through Q4 2025.

• Older 1990s-built bulkers may surface as first candidates if freight weakens.

• India remains the preferred destination for compliance-focused owners.

• Pakistan could attract more tonnage once HKC certification is achieved.

• Geopolitical shifts and currency movements remain key market risks into early 2026.

Listen Now
Tune in to Inside the Markets - Greece Edition on Spotify, Apple Podcasts, YouTube, or the GMS App for in-depth weekly insights on ship recycling, freight, and trade flows.
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