The latest Inside the Markets podcast from GMS, the world’s leading cash buyer of ships, heads to Seoul where host Jamie Dalzell speaks with Gyungbae Gil, Head of GMS Korea, about how Korean shipowners are managing recycling strategies amid falling steel prices, currency swings, and steady freight rates.
Despite weaker pricing across South Asia, Korean owners remain cautious and selective, prioritizing trading over recycling while maintaining strong compliance with the Hong Kong Convention.

Key Market Developments
India

• Steel plate prices near USD 390 per ton with soft demand.

• Rupee trading around 89 per USD, limiting buyer confidence.

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

Pakistan

• Plate prices around USD 610 per ton, the highest in the region.

• Local rupee near 283 per USD, stable but inflation still above 5 percent.

• HKC certification expected to progress further in 2026.

Bangladesh

• Limited activity continues despite 18 HKC-approved yards and 3 upgrades.

• Local steel prices hover near USD 520 per ton with weak domestic demand.

• Financing constraints and soft sentiment delaying new deals.

Korean Owner Perspective
Korean shipowners continue to extend trading periods, supported by stable freight markets and a focus on ESG compliance. Most owners are holding tonnage until market fundamentals improve and certified yard capacity expands further.
Market Outlook

• Limited recycling expected through late 2025.

• India likely to remain the key recycling hub for HKC-compliant tonnage.

• Bangladesh recovery dependent on financing and currency stabilization.

• Pakistan may attract non-HKC vessels due to strong local steel prices.

• Korean recycling volumes expected to rise gradually in early 2026 as freight earnings soften.

Listen Now
Tune in to Inside the Markets – Korea Edition on Spotify, Apple Podcasts, YouTube, or the GMS App for exclusive weekly insights into global ship recycling, freight, and market sentiment.