Maritime Industry Briefing: Shipbreaking, LNG Carriers, Bunker Fuel Sales

## Shipbreaking Transparency Improves, but Safety Concerns Remain According to the NGO Shipbreaking Platform, a total of 321 ships were dismantled worldwide in 2025, with 214 of those ending up in the shipbreaking yards of Bangladesh, India, and Pakistan. While the organization's annual list provides much-needed transparency into the global ship recycling industry, it also highlights the ongoing safety and environmental challenges. The report notes that 11 workers lost their lives during shipbreaking operations last year, with at least another 62 workers sustaining injuries. 'The shipbreaking industry in South Asia remains one of the most dangerous and polluting in the world,' said Ingvild Jenssen, founder and director of the NGO Shipbreaking Platform. 'More needs to be done to protect the lives and health of the workers and the local environment.' ## LNG Carrier Orders Boost GTT's Tank Design Business In other news, GTT announced that it has received an order from Samsung Heavy Industries for the tank design of two new 174,000 m³ Liquefied Natural Gas Carriers (LNGCs). GTT will design the cryogenic tanks for the vessels, which are scheduled for delivery in the coming years. 'This order further demonstrates GTT's leadership in the design of containment systems for LNG carriers,' said Philippe Berterottière, Chairman and CEO of GTT. 'We are pleased to support Samsung Heavy Industries in the construction of these new, state-of-the-art LNG carriers.' ## Panama Bunker Sales Inch Up in January Turning to the bunker fuel market, data from Panama shows a slight increase in sales of Very Low Sulfur Fuel Oil (VLSFO) and Low Sulfur Marine Gas Oil (LSMGO) at Panamanian ports in January 2026. Total bunker sales rose by 9,700 metric tons to 489,000 MT, with VLSFO sales up 33,000 MT to 329,000 MT and LSMGO sales up 700 MT to 47,000 MT. However, High Sulfur Fuel Oil (HSFO 380) sales declined during the month. 'The increase in VLSFO and LSMGO sales is a positive sign for the Panamanian bunker market as it continues to adapt to the IMO 2020 sulfur cap regulations,' said an industry analyst. 'However, the drop in HSFO sales reflects the ongoing shift away from higher-emission fuels in the global shipping fleet.'