Ship Recycling Market Update Week 28 2026 | Hormuz Tensions, Brent Rebound, Chattogram Flooding

In this Week 28, 2026 episode of the GMS Weekly Podcast, Grace and Ryan examine the renewed geopolitical and operational pressures affecting the global ship recycling market. Hostilities have resumed around the Strait of Hormuz, attacks on commercial shipping have increased, and vessel transits are once again facing uncertainty. Brent crude rebounded toward USD 77 to USD 78 per barrel, while the Baltic Dry Index climbed to 2,875 on stronger iron ore and coal demand. Higher oil prices and improving freight markets are giving owners of ageing vessels more reason to delay recycling decisions, placing the anticipated supply of recycling candidates on hold. Across the key ship recycling destinations, severe flooding in Chattogram has disrupted yard production and softened Bangladesh market sentiment. India continues to offer strong recycling capacity and more than 110 valid Statements of Compliance, but remains the lowest-priced sub-continent market. Pakistan’s currency and steel prices remain comparatively stable, while Gadani balances renewed Gulf proximity advantages against changing steel import duties. Turkey recorded lower inflation, but Aliaga remains a compliance-led niche market with pricing well below South Asian levels. Key themes this week: Strait of Hormuz shipping risk, tanker attacks, Brent crude prices, Baltic Dry Index, ageing vessel supply, ship recycling prices, Chattogram flooding, Alang compliance, Gadani steel market, Aliaga recycling, currencies, monsoon disruption and vessel recycling demand. 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.