GMS Leadership

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

Ageing sanctioned ships should be scrapped, says leading ship recycler

01/06/2026

Global ship recycling markets enter Week 22 with the diplomatic breakthrough the industry has been waiting for since February.

A tentative U.S. Iran agreement has raised expectations for a reopening of the Strait of Hormuz, while three supertankers transited the passage during the week. Brent crude reacted sharply, falling to around USD 96 to USD 97 per barrel.

Yet for ship recycling, the challenge remains timing.

The deal may have arrived, but the recycling window has not stayed open.

With Eid holidays across the sub-continent and the practical monsoon deadline now upon the market, Bangladesh, India, and Pakistan have limited ability to convert improved sentiment into meaningful recycling activity.

Freight markets continue to support owners. The Baltic Dry Index strengthened above 3,100, while Capesize earnings moved beyond USD 44,000 per day, keeping older vessels trading rather than recycling.

Bangladesh remains the most competitive destination, supported by stable currency and operational financing. Pakistan continues to hold firm on strong pricing and Rupee stability. India saw the Rupee recover from recent record lows, while Turkey remains focused on EU-regulated tonnage.

The key message this week is clear:
The deal has been struck. Oil has eased. Hormuz may finally reopen.
But supply remains scarce, freight remains strong, and the monsoon waits for no one.
The passage may be opening. The recycling window has already closed.

Listen to the latest GMS Podcast for deeper insights.

Subscribe to access the full report: https://www.gmsinc.net/info/GMS-Weekly-Subscription

01/06/2026

from Athens

At the 10th Capital Link Maritime Leaders Summit – Greece, Dr. Anil Sharma, our Founder & CEO, addressed one of the most urgent issues facing global shipping: the dark fleet and sanctioned vessels.

He highlighted that the safest and most responsible way to remove unsafe ships from the water is through a proper licensing process that allows them to be recycled, not traded further.

GMS recently received the first U.S. Government license to recycle four sanctioned vessels, a major step toward addressing the risks posed by the dark and shadow fleet.

As more fuel-efficient newbuildings enter the water in the coming years, sustainable ship recycling will become an increasingly important part of the industry’s responsible exit strategy.

29/05/2026

Sanctioned vessels need a practical route out of the shadows.

A growing number of ageing vessels remain outside normal financial, operational, and recycling channels. Without a clear regulatory process, these ships can create safety, environmental, and compliance risks for the wider maritime sector.

A structured approach can help bring transparency to ownership, payments, crew costs, insurance, and final recycling arrangements.

At GMS, we believe responsible ship recycling must be built on proper legal pathways, clear financial flows, and safe end-of-life vessel management.

Read more here: https://www.tradewindsnews.com/shipyards/gms-eyes-tanker-prize-after-green-light-for-sanctioned-ship-scrapping/2-1-1995032

Anil Sharma calls for sanctioned shipowners to hand over a slice of sale proceeds in exchange for US recycling licences

29/05/2026

Reuters has covered a recent development involving US approval for the recycling of sanctioned vessels.

This is an important step for the ship recycling industry and for the wider maritime sector. It creates a controlled and compliant route for sanctioned vessels to be removed from trading circulation and recycled responsibly.

The process remains case-specific and subject to regulatory review, but it points to a practical way forward for addressing vessels that may otherwise remain idle, difficult to operate, or outside normal market channels.

At GMS, we remain focused on supporting responsible recycling through proper approvals, compliance, and safe end-of-life vessel management.

Read the Reuters article here: https://www.reuters.com/world/middle-east/top-recycler-gms-gets-us-approval-scrap-ships-hit-with-sanctions-2026-05-27/

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.

29/05/2026

Old ships still have new stories to tell.

Beyond steel, many onboard materials and fittings can be recovered, refurbished, and put back to use, reducing waste while giving everyday items a second life.

26/05/2026

Global ship recycling markets enter Week 21 of 2026 with the strongest reopening signal yet from the Strait of Hormuz, but the practical recycling window is almost closed.

Three supertankers transited the Strait for the first time since March, while U.S. and Iran talks were described as being in the “final stages.” Brent crude eased more than 5% to around USD 105 per barrel, and WTI moved below USD 100.

But for ship recycling, timing remains the key issue.

With only around one week left before the practical monsoon slowdown across the sub-continent, the improved passage signal may have arrived too late to release meaningful recycling tonnage into the market.

Freight remains supportive for owners to keep older vessels trading. The Baltic Dry Index closed around 3,005 after peaking above 3,092, while Capesize earnings remained above USD 40,000 per day. Panamax earnings also strengthened, moving above USD 22,000 per day.

Bangladesh continues to show stability, with the Taka holding within its Q2 range and LC flows remaining operational for a sixth consecutive week. India faces renewed currency pressure as the Rupee touched a fresh record low near 96.97 against the U.S. Dollar, even as April CPI remained calm at 3.48%.

Pakistan continues to consolidate its position, with the Rupee holding firm and Gadani pricing remaining among the strongest globally. Turkey remains focused on EU-regulated tonnage, as the Lira touched another record low and Aliaga continues to operate in a separate pricing market from the sub-continent.

The key message this week is clear: passage may be opening, but the recycling window is closing.

For now, strong freight, limited candidate flow, currency divergence, and the approaching monsoon continue to restrict meaningful recycling supply.

Listen to the full podcast for deeper insights.

Subscribe to access the full report: https://www.gmsinc.net/info/GMS-Weekly-Subscription

21/05/2026

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Ship recycling is a powerful example of sustainability in action.
A circular approach for a stronger maritime future.

18/05/2026

Global ship recycling markets enter Week 20 of 2026 with diplomatic momentum fading, Brent crude rebounding, and the recycling backlog hardening further.

Brent rallied back above USD 107 after renewed uncertainty around Hormuz, reversing last week’s brief optimism. Freight markets remain exceptionally strong, with the Baltic Dry Index breaking above 3,000 and Capesize earnings moving beyond USD 43,000 per day.

For shipowners, the message remains clear: older vessels are still earning, so recycling supply remains limited.

Bangladesh continues to lead on pricing and operational readiness, supported by stable currency conditions and sustained LC flow. India faces fresh Rupee weakness near record lows but retains its HKC compliance strength. Pakistan’s position has stabilized after recent monetary tightening, while Turkey remains focused on EU-regulated tonnage as inflation and currency pressures persist.

With only around two weeks before the practical monsoon closure, the question is no longer whether demand exists. It is whether any meaningful tonnage will arrive in time.

For now, strong freight, elevated oil prices, unresolved Hormuz risk, and limited candidate flow mean the backlog stays.

Listen to the full podcast for deeper insights.

Subscribe to access the full report: https://www.gmsinc.net/info/GMS-Weekly-Subscription

15/05/2026

Thank you again, NGO Shipbreaking Platform!

For readers following the exchange:

NGO Shipbreaking Platform’s article:
https://shipbreakingplatform.org/the-circular-economy-act-risks-missing-the-boat-on-ship-recycling-and-true-circularity/

Our response:
https://www.gmsinc.net/article/thank-you-ngo-shipbreaking-platform-for-finally-seeing-the-light-but-the-numbers-point-to-south-asia-not-europe

NGO Shipbreaking Platform’s LinkedIn response:
https://www.linkedin.com/posts/shipbreaking-shiprecycling-circularity-share-7459932796199825408-kSqt

NGO Shipbreaking Platform asked whether GMS has heard of “Greenwashing.”

We have.

We have also heard of "Geography-washing."

That is when responsible recycling is questioned, not because of what a facility does, but because of where it is located.

The Platform has now acknowledged that end-of-life ships are “not waste,” but an “untapped source of valuable steel.”

That is a welcome development. We have been saying it for years.

A ship at the end of its trading life contains hazardous materials that must be managed carefully. It also contains recoverable steel, machinery and non-ferrous materials that make it a major circular economy asset.

Both facts can be true at the same time.

For too long, the debate has been presented as though sustainability can be determined by a map.

Europe is presumed circular.

South Asia is reduced to “beaching.”

Apparently, latitude and longitude now compete with worker safety, hazardous waste traceability, environmental controls, emergency preparedness, compliance, material recovery and independent verification.

That would be amusing if it were not shaping public perception and policy.

The Hong Kong Convention asks whether a facility meets the standard.

It does not ask which continent the facility is on.

Our full response addresses the Platform’s acknowledgement, the final voyage argument, South Asia’s progress, circular economy benefits and why geography should not be used as a substitute for evidence.

Read here: https://www.gmsinc.net/article/dear-ngo-shipbreaking-platform-thank-you-for-finally-acknowledging-that-end-of-life-ships-are-not-waste

Because geography is not an environmental management system.