Ship Recycling News

The European Commission has proposed adding two Indian ship recycling facilities in Alang to the European List of approved ship recycling facilities. Danish Shipping warmly welcomes the proposal, calling it an important step for responsible ship recycling.The proposal recognizes ship recycling facilities that have demonstrated compliance with the EU Ship Recycling Regulation, irrespective of where they are located."This is an important step. And it has been a long time coming. Facilities that meet the EU's high environmental and safety requirements should be recognized regardless of geography.

Limited recycling supply could get a brief respite in the coming weeks from a weakening second-hand interest in older vessels and softer demand for steam turbine LNG ships. Both of these factors will encourage these ships being sent for end-of-life disposal, according to Wirana Shipping.The prolonged shortage of vessels entering the ship recycling market could get a breather, with Wirana Shipping forecasting a comparative improvement in recycling supply led primarily by the dry bulk and LNG sectors.In its latest Demo Market Report & Market Outlook…

Dubai-based GMS has won U.S. government approval to scrap two sanctions-hit oil tankers it acquired, months after securing agreements to recycle four sanctions-hit container ships, the ship recycler told Reuters.The use ‌of so-called shadow fleet tankers has surged in recent years, with hundreds of tankers transporting Iranian or Russian oil with limited scrutiny, insurance or safety checks.Major shipowners have called for faster scrapping of such vessels, warning they pose significant environmental and safety risks.'DESTINED FOR RESPONSIBLE RECYCLING'GMS…

The U.S. government has sold for scrap two sanctioned oil tankers that were seized in the days after Washington's raid on Venezuela, Lloyd's List reported on Monday.Dubai-headquartered vessel recycling firm Global Marketing Systems purchased the tankers last month for an undisclosed sum, according to the report.The sale included the Era, previously operating as Marinera and Bella 1, and the Lileo, previously sailing as Galileo and Veronica, the report said. The tankers will be demolished in scrap yards in India.“The U.S.

Wirana Shipping has identified improving steel demand in India as an encouraging sign for the country’s ship recycling market, while slower demand and financing pressures continue to weigh on Bangladesh.The latest Market Outlook reports a second consecutive week of improving steel demand in India. Local steel plate prices increased by $4/MT, semis and finished steel products by $2–4/MT and imported scrap by $1/MT. Recycler offers remained unchanged, although Wirana Shipping expects…

Shipowners with older or harder-to-place vessels may have a stronger opportunity to test the recycling market over the coming months, as limited demolition supply continues to support recycler appetite despite weaker steel conditions in some key markets.Wirana Shipping’s latest market outlook indicates that supply is likely to remain tight in the near term, unless an Iran sanctions waiver forms part of a wider settlement to the Middle East conflict and releases additional tonnage into the market.Without that shift…

Dubai-based GMS has won U.S. government approval to scrap four container ships that were under Iran-related sanctions, potentially paving the way for Washington to reduce the shadow fleet of such vessels, the leading ship recycler's CEO said.Hundreds of ships with no known insurance or compliance with environmental safety standards have not only helped Iran and Russia circumvent sanctions, but also posed a threat of oil spills and fuel leaks in busy sea lanes.An approved mechanism for scrapping such vessels offers an incentive to take them out of circulation…

The Indian subcontinent (especially India and Pakistan) ship recycling market has entered a rare period of inactivity, with Wirana Shipping’s latest market outlook report showing hardly any new recycling candidates circulated during the week and no vessels currently waiting to be beached in India and just one vessel waiting to be beached in Pakistan.The report points to a market where recyclers remain ready to buy, but owners are still finding commercial reasons to keep older vessels trading.

Ship recycling prices across key recycling destinations have remained broadly stable despite weaker conditions in steel markets, cautious buying and pressure on steel prices, Wirana Shipping’s latest market outlook report has shown.Ship recyclers are largely maintaining their prices even as demand for steel remains uneven and buyers remain selective. Prices offered by ship recyclers in India, Bangladesh and Turkey have continued at current levels, while Pakistan has emerged as…

The single most consequential development of Week 15 came out of Washington, not the recycling yards, reports cash buyer GMS. President Trump’s decision to delay planned strikes on Iranian energy infrastructure by five days, alongside comments describing talks with Iran as “productive,” triggered the sharpest oil reversal since the conflict began.The Baltic Dry Index rose to 2,139 by April 8, continuing a recovery that began from the March trough and extending to its highest level since early March.

Geopolitical risk has overtaken supply-demand fundamentals as the primary price driver in energy markets, and ship recycling is feeling the impact from both sides, as higher oil keeps aging vessels trading while a volatile U.S. dollar makes confident bidding difficult to sustain, says cash buyer GMS.India delivered the week’s most notable currency development, as the rupee rebounded sharply from its record low of 94.42 to 92.73 following intervention measures by the Reserve Bank of India…

The global ship recycling market is moving into a more difficult quarter, with rising costs, rising steel prices, possible slowdown in local steel demand, energy shortages and exchange risks. Even within the Indian sub-continent these parameters can have differing impacts. As of today, Bangladesh and Pakistan hold firmer ground in terms of prices offered for recycling candidates, according to vessel cash buyer Wirana Shipping’s latest market report.Wirana’s industry report points to a market that is becoming harder to read and harder to time.

As the world's ship recycling markets emerge from the Eid al-Fitr holidays, they do so into an environment that continues to generate more questions than answers, says cash buyer GMS.“The post-holiday reopening, always anticipated as a potential catalyst for pent-up activity, has instead delivered something more characteristic of the broader 2026 narrative: confusion. Steel plate prices played opposite roles in Pakistan and India this week, as Indian levels recorded an impressive jump while Pakistani levels continued to bleed, declining non-stop over the course of the last month now.

Eid al-Fitr has arrived to greet the world's ship recycling markets this week, and as is tradition, it came bearing the gift of silence, reports cash buyer GMS. “From Chattogram to Gadani, Alang to Aliağa, the holy festival has pressed pause on an industry that was already beginning to feel the compounding weight of war, currency volatility, and a stubborn absence of fresh tonnage offerings.”The ongoing conflict in the Middle East, which has now stretched into its third week following the U.S.-Israeli military campaign against Iran…

ClassNK has certified Salam’s International, a ship recycling facility in Pakistan, as the first facility in the country to be certified by ClassNK for compliance with the Hong Kong International Convention for ship recycling. Based on this certification, the competent authority in Pakistan is expected to issue the Document of Authorization to conduct Ship Recycling (DASR) as required by the Convention.Pakistan acceded to the Hong Kong Convention in November 2023, and ship recycling facilities in the country have since been working toward compliance.

As oil started to climb, freight followed suit, continuing to feed the already rising global inflation picture, while the U.S. Dollar wore the crown jewel of the week, rising notably against all of the major international ship recycling markets, says cash buyer GMS. At the same time, local steel plate prices saw another volatile week across several recycling destinations as currency fluctuations and domestic demand influenced pricing levels across the Subcontinent.“Behind the broader market volatility lies a challenging reality: assets under pressure…

The International Labor Organization (ILO) launched a pilot Employment Injury Scheme (EIS) in collaboration with BIMCO to strengthen the protection and rights of workers at ship recycling yards in Bangladesh, the world’s biggest ship recycling nation.The scheme works as a social insurance where the risk is pooled and shared by the industry. By paying into the EIS, sellers of end-of-life ships can help ensure that workers and their families receive adequate and timely compensation, in line with international labour standards, in case of permanent injury or death.

India’s decision to introduce additional documentation checks before end-of-life vessels are cleared could prevent the practice of fake documents among the dark fleet, says leading vessel cash buyer Wirana Shipping Corporation.The recent decision taken by the Directorate General of Maritime Administration (DGMA) to introduce an additional process of documentation checks will act as a deterrent to ships being sent for recycling with fake documents, says Wirana Shipping, the world’s…

The weekly roller coaster that has become the global marketplace went through its regular gravitational drop this week, with the U.S. dollar taking the “cement-footed diving approach” in all ship-recycling destinations… except Turkey, reports cash buyer GMS.The Baltic Exchange Dry Bulk Index fell 0.7% down to a two-week low, dragged by the Capesize index, which fell 1.1% over the week. The Panamax index slipped 0.4%, while the Supramax index rose 0.2%. Meanwhile, easing tensions between the U.S.

The second week of February brought on a really confusing spin to the markets, with fundamentals across the board performing bizarrely (compared to last week’s performance), reports cash buyer GMS.“After a volatile beginning to the month, the Baltic Exchange Dry Index and even oil futures found steady ground this week, while even the U.S. Dollar firmed against all ship recycling nation currencies except India (ain’t that a switch), as did local steel plate prices, which also saw India slip the car into reverse and backpedal nearly all of its recent gains.”In an expanded view…

The chaos in the Middle East is leaving regional and international markets bracing for the inevitable whirlpool of global insanity that is about to suck the entire world into short-term (at the very least) tumult, reports cash buyer GMS.Oil was already on its way up during the week, but as the weekend came around, it spiked over 10%, jumping from around USD 63/barrel last week to nearly USD 71.90/barrel (at the time of writing). The Baltic Exchange was also on its way up (rising 1.1%) but remained comparatively subdued in comparison to oil futures…yet.The Cape…

International market turmoil from the direct / indirect imposition of global tariffs and related actions saw a crazy Week 8 wind up in 2026, as freight rates and oil prices both moved up and subsequently down, reports cash buyer GMS.As oil rose above USD 63/barrel from last week to well over USD 66/barrel this week, it retreated back down to USD 65.93/barrel by week’s end, amid investors and forecasters increasingly weighing the possibility of Trump launching another confounding attack against Iran…

GMS, the world’s largest buyer of ships for recycling, has called on the European Commission to approve qualified Indian ship recycling facilities for inclusion on the European List under the EU Ship Recycling Regulation (EU SRR).Despite more than 110 Indian yards holding Hong Kong Convention (HKC) Statements of Compliance issued by IACS member classification societies, over 35 formal applications submitted, and at least 10 Commission-led inspections and audits, not a single Indian yard has been approved in more than a decade.“This is not a failure of standards.