GMS launches world’s first global Ship Recycling Portal for sale of ships for recycling

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GMS, the world’s largest buyer of ship and offshore assets, has announced the launch of its pioneering digital platform, the “Ship Recycling Portal.” GMS introduced the groundbreaking initiative at an exclusive event in Bhavnagar, India, attended by over 80 leading ship recyclers.

The platform aims to revolutionize the ship recycling industry by making the sales and purchase of end-of-life vessels more convenient, transparent, and efficient.

The Ship Recycling Portal is a specialized vessel auction platform designed to streamline the sale of ships directly to shipyards for recycling. This innovative venture by GMS ensures transparent and reliable auctions that enable closer collaboration between yard owners and cash buyers. Ship recyclers now have the flexibility to make real-time decisions on the vessels they wish to purchase, all from the comfort of their offices or homes.

Key Features of the Portal are described as being:
– Transparency: Real-time auction shows what price other ship recyclers offer, allowing buyers to make informed decisions.
– Convenience: Buy a ship whenever the ship recycler wants, from wherever they are—no need to visit an office for face-to-face negotiations.
– Flexibility: Choose which ship to buy and how much to pay.
– Broader Participation: Access will be given to ship owners and other cash buyers in future releases.

“Ship recycling is an important pillar of the maritime industry, and it is time to bring it into the digital age,” said Dr. Anil Sharma (pictured), Founder and CEO of GMS. “Post-Covid, society prefers to transact B2B transactions online. In the next ten years, as the supply of ships for recycling and the demand for transparency increases, it’s the right time to introduce selling ships online.

“The Ship Recycling Portal is not just a product; it’s a paradigm shift. We’re setting a new industry standard by centralizing and simplifying the transaction process for ship recycling.
“This portal eliminates the complexities and uncertainties that have long plagued our sector, offering a streamlined, user-friendly platform that is transparent and reliable. As we roll out this pioneering initiative, we’re not just advancing GMS; we’re revolutionizing the very fabric of the ship recycling industry for the better.”

While GMS is the sponsor and creator of the Ship Recycling Portal, the platform will be available to other shipowners and cash buyers, aiming to become the primary method for delivering vessels to ship recycling yards. This platform will also allow GMS to offer its extensive services, knowledge, and sales capabilities to a broader spectrum of buyers.

“As we navigate a global landscape increasingly influenced by digital transformation, the Ship Recycling Portal introduced by GMS is a long-anticipated advancement in our industry,” commented Komalkant Sharma, Chairman of Leela Ship Recycling Group. “It represents more than just a technological milestone; it’s a functional breakthrough that significantly elevates the ease and transparency with which we can execute real-time purchasing decisions for end-of-life vessels. This is not merely a step forward; it is a quantum leap that defines the future of ship recycling.”

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