Markets across the board were impacted in the final weeks of 2025, according to a report from GMS. The Baltic Exchange Dry Index fell nearly 4% to its lowest level in nearly a month, with capesize vessels dropping 5.6%, panamax down 2.1%, and smaller vessels declining 16 basis points.

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Oil futures retreated over 3% to USD 57.61 per barrel, failing to hit the anticipated USD 60 mark amidst global fears of an overproduction of oil. The International Energy Agency reaffirmed its forecast for a “record supply glut.” Local steel plate prices also dropped, compounded by slipping currencies as the U.S. Dollar continued to affect major trading economies.

Indian sub-continent ship-recycling markets were declining, with prices dipping below the USD 400 per ton mark across all locations, a drop from the USD 600 per ton breached in January 2024. In Bangladesh, prices slipped due to recent deliveries, while domestic turbulence rose as final election dates were announced.

HKC developments are ongoing in both Bangladesh and Pakistan, with another three yards expected to receive accreditations in Chattogram in the new year, and the next batch in Pakistan expected within the first quarter of 2026.

Source: IndexBox Market Intelligence Platform