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World's LARGEST buyer of ships & offshore assets for recycling. 30 years of experience | 13 offices
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In this Capital Link Expert Talk, Dr. Anil Sharma, Founder and CEO of GMS, speaks with Nicolas Bornozis, President & CEO of Capital Link, about how a discussion in Dubai helped bring urgency to one of the most complex issues in shipping: the retirement of sanctioned and shadow fleet vessels.
Dr. Sharma explains how GMS helped establish the first credible, legally controlled pathway for sanctioned vessels to exit the system through recycling. The importance of this development goes beyond four ships. It introduces a new way to bring transparency, auditability and legal control to vessels that would otherwise remain in opaque trades.
Global ship recycling markets enter Week 25 with the war chapter finally closing, but the recycling market still waiting for the weather to cooperate.
The United States and Iran have signed an interim peace agreement, reopening the Strait of Hormuz after more than 100 days of closure.
Brent crude has collapsed toward USD 78 per barrel, effectively erasing the entire war premium that pushed prices above USD 126 in late April.
Freight has also continued to cool. The Baltic Dry Index eased to around 2,653, while daily Capesize earnings declined to approximately USD 35,162 from the late-May high near USD 49,511.
For ship recycling, this is a major turning point.
Lower bunker costs and softer freight earnings may finally begin pushing older tonnage closer to recycling. The two forces that kept ageing vessels trading through the war are now weakening together.
But timing remains difficult.
The Indian subcontinent is now deep in the monsoon season, limiting beaching activity across Bangladesh, India, and Pakistan even as macro conditions improve.
Bangladesh remains steady, with a stable Taka, cleared LC pipeline, and strong demand in Chattogram.
India’s Rupee rallied to a five-week high near 94.60, supported by lower oil prices and improving external-account expectations.
Pakistan’s Rupee held near its strongest level of 2026, while Gadani continues to show the firmest absolute pricing in the basin.
Turkey remains structurally separate, with the Lira breaking 46 per US Dollar and Aliaga continuing as an EU-regulated recycling niche.
The key message this week:
Peace is signed.
The premium is gone.
The ships are moving.
But the rains reign.
Listen to the latest GMS Podcast for deeper insights.
Subscribe to access the full report: https://www.gmsinc.net/info/GMS-Weekly-Subscription
19/06/2026
GMS Podcasts continues the series Steel, Ships, and Recycling Values with Episode 2: Why Ship Recycling Prices Differ by Market.
In Episode 1, we looked at why steel prices sit at the centre of ship recycling offers.
In Episode 2, Nayeem Noor speaks with Jamie Dalzell, Head of the GMS Singapore Office, about why Bangladesh, Pakistan, India, and Turkey can price the same vessel differently, even when all recycling markets are driven by steel.
The discussion explains how each destination converts steel value into ship recycling bids through its own local market conditions, including currency movement, banking support, LC availability, domestic steel demand, yard appetite, compliance capacity, downstream liquidity, and ex*****on risk.
Bangladesh may lead when demand and LC support align.
Pakistan can become highly competitive when steel pricing and currency support Gadani buyers.
India continues to offer depth, compliance capacity, resale liquidity, and flexibility.
Turkey remains a distinct destination for EU-linked, geographically suitable, or regulation-sensitive tonnage.
The key takeaway: the highest headline price is not always the best recycling deal.
For shipowners, brokers, financiers, and maritime professionals, the right recycling destination depends on the vessel, buyer quality, finance, delivery terms, compliance requirements, and timing.
Listen to the episode here: https://www.gmsinc.net/podcast/details/steel-ships-and-recycling-values-episode-2-why-ship-recycling-prices-differ-by-market
Why Ship Recycling Prices Differ by Market | GMS Podcasts Episode 2 GMS Podcasts Episode 2 explains why Bangladesh, Pakistan, India, and Turkey convert steel values into ship recycling offers differently, and how currency, finance, LC support, compliance, liquidity, and timing affect recycling prices.
17/06/2026
from Marine Money Week New York!
Dr. Anil Sharma, our Founder and CEO, is now speaking at the Multi-Sector CEO Strategy Session: Agility in a Changing Market.
The panel brings together senior shipping leaders to discuss how companies are navigating uncertainty, shifting trade patterns, regulatory complexity and evolving market opportunities across the global maritime sector.
As the world’s largest buyers of ships for recycling, GMS continues to contribute to key industry discussions on responsible recycling, market adaptation, compliance, and the future direction of shipping.
More insights from Dr. Sharma’s discussion at Marine Money Week New York to follow.
Global ship recycling markets enter Week 24 with the war premium finally cracking, but the recycling market still waiting for the final signature.
Brent crude fell sharply toward USD 89 per barrel as expectations grew that a Strait of Hormuz reopening deal could be signed soon.
Freight has also started to cool. The Baltic Dry Index eased to around 2,818, while Capesize earnings declined to around USD 40,274 per day.
For ship recycling, this matters. Lower bunker costs and softer freight may eventually push older tonnage closer to recycling.
But the timing remains difficult.
The monsoon now controls the beaching calendar across the subcontinent, limiting near-term activity even as macro conditions improve.
Bangladesh remains steady, India’s Rupee recovery holds, Pakistan remains the strongest pricing market, and Turkey stays focused on EU-regulated tonnage.
The key message this week:
The premium cracks.
The pen hovers.
The monsoon rules.
Listen to the latest GMS Podcast for deeper insights.
Subscribe to access the full report: https://www.gmsinc.net/info/GMS-Weekly-Subscription
12/06/2026
GMS Podcasts is launching a new series, Steel, Ships, and Recycling Values.
In Episode 1, Nayeem Noor, VP, Business Development, speaks with Jamie Dalzell, Head of the GMS Singapore office, about why steel prices play such a central role in ship recycling offers.
The discussion looks beyond headline plate prices and explores how recyclers assess re-rollable steel, downstream demand, liquidity, inventories, import pressure, financing, currency movements, and ex*****on risk.
It also addresses an important market question: why strong steel prices do not always lead to more vessels being sold for recycling?
Listen to the episode here: https://www.gmsinc.net/podcast/details/steel-ships-and-recycling-values-episode-1-why-steel-prices-drive-ship-recycling-offers
Steel Prices and Ship Recycling Offers | GMS Podcasts Episode 1 GMS Podcasts launches Steel, Ships, and Recycling Values with Episode 1 on how steel prices, liquidity, financing, freight markets, and timing risk shape ship recycling offers.
11/06/2026
First aid awareness in ship recycling starts before medical help arrives.
Ship recycling yards involve multiple specialised activities taking place across different areas within the same day. Cutting, grinding, lifting, confined space entry, material handling, housekeeping, and hot work all carry different risks.
Injuries such as cuts, burns, falls, fractures, electric shock, chemical exposure, heat illness, eye injuries, and crush injuries can occur without much warning.
This month’s Green Briefing focuses on Basic First Aid Awareness in Ship Recycling, and why the first few minutes after an injury or illness matter.
First aid awareness does not replace professional medical treatment. It helps workers and supervisors take the right steps while medical support is being arranged.
The focus remains practical:
• Check scene safety before approaching an injured person
• Call for help early
• Check airway, breathing, and circulation
• Control visible bleeding with direct pressure
• Cool burns with clean running water
• Do not move suspected spinal injury cases unless there is immediate danger
• Do not touch electric shock victims until power is isolated
• Keep first aid kits complete, accessible, and regularly checked
• Give clear handover to medical teams
Training sessions across India, Bangladesh, and Pakistan showed strong worker engagement when first aid was connected to real yard situations. In Alang, workers responded well to demonstrations on bleeding control and recovery position. In Chattogram, discussions focused on eye injuries, burns, and wounds. In Gadani, electric shock and heat-related collapse were among the strongest learning points.
The message remains simple.
In moments of injury, a calm and correct first response can protect life, prevent further harm, and support faster medical care.
Under SSORP, this training continues to be provided free of cost to workers, supported by GMS.
The full May Green Briefing is available on Linkedin: https://www.linkedin.com/feed/update/urn:li:activity:7470716449196511232
05/06/2026
The NGO Shipbreaking Platform has once again placed geography at the centre of the ship recycling debate.
At GMS, we believe the industry should be asking a better question:
Should a recycling yard be judged by its location or by its verified compliance, safety standards, environmental performance, audits, and enforcement?
Our latest GMS Commentary responds to the recent joint statement by the NGO Shipbreaking Platform, EUROFER, and Recycling Europe and argues that responsible ship recycling must be built on standards, not blanket exclusions.
With the Hong Kong Convention now in force, the focus should be on serious implementation, transparent enforcement, and recognition of responsible yards wherever they operate.
Postcode is not performance.
Read the full article here: https://www.gmsinc.net/article/ship-recycling-performance-not-geography
Ship Recycling Must Be Judged by Performance, Not Geography | GMS GMS argues that responsible ship recycling should be based on verified compliance, audits, enforcement, and the Hong Kong Convention, not geography-based exclusions or blanket bans.
05/06/2026
World Environment Day 2026 | GMS in Alang
On this World Environment Day, GMS conducted an environmental awareness session for yard workers in Alang, reinforcing the importance of protecting our environment through daily responsible actions.
This year’s message became even more meaningful as we looked back at a special moment from World Environment Day 2022. On that day, GMS provided plant saplings to yard workers, encouraging them to plant and care for them. Today, seeing the same worker with the plant he nurtured over the years is a powerful reminder that small actions, when cared for consistently, can grow into lasting impact.
The journey of this sapling reflects our shared responsibility: awareness must turn into action, and action must be sustained with commitment.
At GMS, we believe environmental care begins with people. By engaging yard workers, creating awareness, and encouraging practical steps, we continue to promote a culture of responsibility toward a greener and safer future.
Plant today. Protect tomorrow. Grow together.
01/06/2026
The Financial Times has covered an important issue facing the global maritime sector: the growing environmental risk posed by ageing shadow fleet tankers.
The article features GMS CEO Anil Sharma, who warned that many sanctioned oil tankers are operating beyond the age at which vessels would normally be recycled, increasing the risk of pollution, unsafe operations, and a major environmental incident.
This is an issue GMS has been actively working to address.
The recent OFAC approval allowing GMS to recycle four sanctioned vessels marks an important step toward creating a legal, transparent, and compliant pathway for these ships to exit trading circulation and be responsibly recycled.
Sanctioned vessels cannot simply remain idle, uninsured, poorly maintained, or hidden behind complex ownership structures. The industry needs practical solutions that protect the environment, support compliance, and ensure proceeds do not flow back to sanctioned actors.
At GMS, we believe responsible ship recycling has a critical role to play in solving this challenge.
Read the Financial Times article here: https://www.ft.com/content/70da79bb-6efa-42ae-bd68-0071495dda29?syn-25a6b1a6=1
More than half of shadow fleet oil tankers pose environmental disaster risk Ageing sanctioned ships should be scrapped, says leading ship recycler
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