Ship Recycling Market Update Week 27 2026 | Fleet Exits Gulf, Oil Settles, Dollar Pressures Markets

In this Week 27, 2026 episode of the GMS Weekly Podcast, we look at a changing global ship recycling market as the Gulf fleet begins to move after the reopening of Hormuz, while the US dollar becomes the new pressure point for recycling destinations. Crude flows through Hormuz have crossed 10 million barrels per day, and roughly 550 merchant vessels are preparing to exit the Gulf, including around 200 bulk carriers. Brent crude has settled near USD 71 per barrel, effectively back at pre-war levels, after touching more than USD 126 in April. Freight has adjusted but not collapsed, with the Baltic Dry Index around 2,650 and Capesize earnings near USD 32,000 per day. For ship recycling, the key question is no longer whether the deferred vessel supply wave exists. The exit queue is now visible, but monsoon restrictions and delivery windows continue to decide when tonnage can reach the beaches. This episode covers the latest recycling market conditions across Bangladesh, India, Pakistan and Turkey, including currency movements, steel prices, yard positioning, port activity and policy developments. Bangladesh remains at the top of the sub-continent rankings, India continues to offer compliance depth but at the lowest pricing, Pakistan benefits from stronger currency and lower inflation while facing new duty-related pressure, and Turkey remains a regulated niche market through Aliaga. Key themes this week: Gulf fleet exits, Brent crude near pre-war levels, US dollar strength, deferred recycling supply, Bangladesh demand, India compliance, Pakistan duty changes, Turkey’s lira weakness, and monsoon-related beaching delays. 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.