Ship Recycling Market Update Week 23 2026 | Hormuz Traffic Returns, Brent Eases & Monsoon Window Closes

Traffic is returning through the Strait of Hormuz, but for the global ship recycling market, the timing has come too late. In Week 23 of 2026, vessel movements through Hormuz improved materially, even though the formal US-Iran framework remains unsigned. Brent crude eased into the USD 95–97 per barrel range as markets priced in de-escalation, while freight markets moved in the opposite direction. The Baltic Dry Index climbed above 3,200, and Capesize earnings touched nearly USD 49,500 per day, keeping older vessels trading rather than heading for recycling. Across the subcontinent, the key issue remains unchanged: demand is present, financing is available, pricing is firm, but tonnage supply remains limited. The pre-monsoon beaching window has now effectively closed, shifting the main constraint from geopolitics to weather. This week’s episode examines: • Strait of Hormuz traffic recovery and US-Iran deal uncertainty • Brent crude easing and global energy market reaction • Baltic Dry Index strength and Capesize freight earnings • Why strong freight continues to delay ship recycling supply • Bangladesh ship recycling market stability and Taka performance • Chattogram demand, LC financing, and monsoon impact • Indian Rupee recovery and Alang market conditions • RBI policy measures and India’s ship recycling outlook • Pakistan Rupee strength and Gadani pricing leadership • Turkey’s Lira stability, inflation pressure, and Aliaga’s EU-regulated niche • Subcontinent recycling prices, vessel supply, and cash buyer sentiment • Why the market enters monsoon season with demand intact but supply absent Key market takeaway: The Strait of Hormuz is gradually returning to operation, Brent crude has eased, and currency conditions have improved across parts of the subcontinent. However, dry bulk freight remains strong, older vessels continue trading, and the monsoon has now closed the practical recycling window. The traffic returns. The window is gone. For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.