GMS Week 11 – Turbulent Tides! in Weekly Demolition Reports 16/03/2026 Escalating tensions in the Middle East ran through global markets again this week, as military activity near Iran’s Kharg Island, the country’s primary oil export terminal that can host up to 10 supertankers at a time, unsettled already fragile energy markets and pushed oil prices that currently linger around USD 100/ton even higher. Developments around the terminal quickly drew market attention as traders reacted to potential disruptions in regional supply flows, while movements in oil prices began to ripple across shipping markets and broader economic indicators. 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. 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. As the situation developed, additional maritime security measures were introduced across key transit routes in the region to help ensure the safe passage of commercial traffic through the Strait of Hormuz. Given that this corridor remains one of the most critical shipping arteries for global crude flows, even the perception of instability quickly translates into stronger oil prices, firmer freight sentiment, and renewed uncertainty across shipping markets. International markets overall are expected to remain unsettled while tensions continue across the Middle East. Surging fuel prices across most regions are already beginning to lower freight incomes on a wide range of vessels, while security concerns have also increased following reported incidents involving commercial ships this past week, alongside continued warnings directed at vessels operating nearby. Quick stats before we run out of space? Oil closed roughly 3% higher than last week at USD 98/barrel and is expected to remain volatile should tensions escalate further, while the Baltic Exchange Dry Index rose nearly 3% as well, fueled by the Cape (up 5.8%), Panas (up 0.2%), while smaller indices moved lower (down 0.5%). Behind the broader market volatility lies a challenging reality: assets under pressure, currencies depreciating, and businesses across several sectors facing tighter operating margins as higher energy costs ripple through the global economy. Trickling down, recycling markets are again facing fluctuating currency rates and unsettled recyclers, while rumors of anticipated shortages of fuel and gas continue to add to industry uncertainty. Incredibly, some sales were still confirmed during the week as MISC continued their clear-out of older units via 3x LNG tankers, alongside a few Capesize bulkers reported on private terms, as well as several Handymax bulkers from various owners. Bangladesh has once again been the prime mover of the market, as Pakistan and India can only stare on in admiration. Turkey? Silencio again after a busy run that’s now down to a trickle. For Week 11 of 2026, GMS Market Rankings / vessel indications are as below. Download PDF Source: GMS,Inc. https://www.gmsinc.net/gms_new/index.php/web 2026-03-16 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getEleme