{
  "id": 11526827,
  "title": "GMS Week 40 – Scarcity Puts Chattogram On Top",
  "url": "https://urgent.news/2026/10/02/gms-week-40-scarcity-puts-chattogram-on-top",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T21:00:54.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/gms-week-40-scarcity-puts-chattogram-on-top/"
  },
  "original_language": "en",
  "account": "Week 40 of 2026 saw Chattogram emerge as the top destination for vessel recyclers, despite ongoing shipping challenges in the region. Following incidents of unknown projectiles striking tankers in the Strait of Hormuz and a vessel fire on October 1, Gulf crude movements have recovered, but passage risk, security, and insurance remain significant factors in voyage calculations. Despite improvements in Middle East crude exports, oil prices remained subdued, with Brent trading around USD 101 per barrel and WTI near USD 89.\n\nDry freight began to improve, but not enough to significantly boost recycling supply. The Baltic Dry Index dipped to 3,140 on Thursday, down from four consecutive declines, with Capesizes at 5,010, Panamaxes at 2,379, and Supramaxes at 1,794. While the headline index was lower than previous weeks, many aging vessels remained in service due to attractive earnings. Currency fluctuations were inconsistent, with the Indian Rupee weakening, the Pakistani Rupee remaining stable, and the Turkish Lira reaching its lowest point against the Dollar.\n\nBangladesh, particularly Chattogram, stepped up as the leading destination for recyclers, with yards processing a significant amount of secured tonnage, including large gas and tanker units. Pakistan followed in second place, having secured vessels from previous buying runs, but still faced a shortage of new supply. India maintained its conventional levels and showed increased interest in specialist tonnage. The shift in leadership was not due to a sudden increase in vessel supply, but rather heightened competition among buyers due to the persistent shortage of vessels in the market.",
  "summary": "The Gulf supplied another reminder this week that improved cargo flows do not equal normal shipping conditions. Several tankers were reportedly struck by unknown projectiles while transiting the Strait of Hormuz, followed by another tanker incident on October 1 in which a vessel caught fire, with the crew reported safe. Gulf crude movements have recovered ...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}