Ship Recycling Market Update - Week 52, 2025 | Year-End Review | Bangladesh, India, Pakistan, Turkey | HKC Progress, Steel Prices, Freight Outlook

As 2025 comes to a close, GMS Weekly - Week 52 delivers a comprehensive year-end overview of the global ship recycling and demolition market, highlighting key trends, pricing movements, and compliance developments across the major recycling destinations. In this episode, Henning and Ingrid reflect on a turbulent year shaped by scarce vessel supply, declining steel plate prices, volatile currencies, and continued uncertainty across global freight markets. Despite softer pricing compared to early-2024 highs, meaningful progress on Hong Kong Convention (HKC) compliance across the Indian sub-continent provides a constructive outlook heading into 2026. Market highlights this week include: A quiet holiday market with no reported recycling sales, reflecting continued supply tightness. Bangladesh closing the year with filled yards, flat steel trading, improved port efficiency, and cautious optimism ahead of 2026. India ending 2025 under pressure from falling steel prices and a weaker rupee, despite a resilient broader economic backdrop. Pakistan reaching a major milestone with its first HKC-approved ship recycling yard, positioning Gadani for increased competitiveness in 2026. Turkey remaining subdued as currency weakness and limited tonnage keep Aliaga quiet. Freight markets easing further, potentially delaying recycling candidates into early 2026 as owners await surveys and dry-dock cycles. Indicative recycling levels for Week 52 (USD/LDT): Bangladesh: Bulker 410 | Tanker 430 | Container 440 Pakistan: Bulker 400 | Tanker 420 | Container 430 India: Bulker 380 | Tanker 400 | Container 410 Turkey: Bulker 270 | Tanker 280 | Container 290 As the industry looks ahead, HKC-ready capacity, regulatory compliance, and timing of vessel supply are expected to define recycling market dynamics in the year ahead.   Tune in for a concise, data-driven wrap-up of 2025 and what it means for ship recycling markets in 2026.