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GMS is the world’s leading cash buyer of ships and offshore assets for recycling. We help our clients achieve their residual value expectations and ensure the safe and environmentally sound demolition of their vessels. We offer free training to recycling yard workers in India, Pakistan and Bangladesh through our Sustainable Ship and Offshore Recycling Program. GMS Podcasts channel offers a weekly take on the shipping markets, vessel residual values, and ship recycling.
Episodes
Monday Jun 20, 2022
Monday Jun 20, 2022
A quick round-up of the main recycling markets with our senior trader in Singapore Jamie Dalzell, looking at currency developments and buying sentiment across the sub-continent.
Tuesday Jun 14, 2022
Tuesday Jun 14, 2022
A comprehensive post-Posidonia round-up of the demo market explaining recent falls sustained across all subcontinent recycling markets, reasons for the price corrections and outlook for the coming weeks and months.
Tuesday May 31, 2022
Tuesday May 31, 2022
Senior GMS Trader Simos Dimitriou reveals how the ongoing sub-continent collapse in prices fully materialized this week during a frank conversation with Jon Chaplin on the GMS Podcast. He talks about the havoc being caused by a handful of Pakistan recyclers refusing to play ball and urges owners with fresh tonnage for the demo market to sit back and wait for the dust to settle before committing to any new deals.
Monday May 23, 2022
Monday May 23, 2022
After another challenging trading week for the ship recycling markets, we talk to GMS Trader Chenjie Zhu about the impact of a widening price expectation gap between owners and recyclers, and the long term implications for some Pakistan yards stemming from their decision to walk away from buying commitments.
Tuesday May 10, 2022
Tuesday May 10, 2022
Subcontinent markets have taken a turn for the worse this week as collapsing steel prices in India and Eid holidays in Pakistan, Bangladesh and Turkey have led to weaker sentiment and virtually no new offers on any available tonnage. Are the fundamentals changing or will normal record-high service be resumed when Bangladeshi breakers are back from their break?
Tuesday May 03, 2022
Tuesday May 03, 2022
A fresh look at the use of AI data to help avoid sanction headaches, counterparty due diligence, establishing an appropriate level of evidence, ESG (moral sanctions – self-regulation) and the role of human intuition and experience in interpreting data.
Monday Apr 25, 2022
Monday Apr 25, 2022
Demo prices and analysis from the key ship recycling locations of India, Bangladesh, Pakistan and Turkey. This week we hear from GMS Trader Kiran Thorat on what is driving prices up in India, what to expect from Bangladesh recyclers between now and Monsoon and what happened to the US$700/ton being discussed in recent weeks.
Tuesday Apr 12, 2022
Tuesday Apr 12, 2022
Container market analyst Peter Sand on what’s driving the box ship market, the impact of China’s Shanghai lockdown, how shippers are now adapting to a sustained period of inflated freight rates, and how owners weigh up the options to recycle vs further trading.
Monday Apr 04, 2022
Monday Apr 04, 2022
GMS’ weekly round-up of the ship recycling markets in India, Pakistan, Bangladesh, and Turkey. 10 minutes or less of the key talking points covering demo prices, trends, and notable vessel disposals.
This week Jon Chaplin talks to GMS Trader Kamal Datta about the “plummet from the summit” in Bangladesh, the Indian recycling roller coaster, a resurgent Pakistan and the impact of the Russia / Ukraine conflict on oil and steel prices.
Tuesday Mar 29, 2022
Tuesday Mar 29, 2022
In its latest podcast, GMS talks to leading shipping barrister James M. Turner QC of Quadrant Chambers about the challenges associated with scrapping large vessels and the moves towards better standards in India and Bangladesh.
Confirmation last week of Norway’s first jail term handed down to a shipowner for illegal scrapping has turned the spotlight back on the laws governing ship recycling. “It’s a minefield,” admits Turner referring to both the reputation risk and the threat of conventional litigation “if [shipowners] don’t get it absolutely right.”
Quizzed on what shipowners can do to protect themselves when recycling, Turner draws a distinction between a negative and positive approach.
“If you don’t want to be held liable, which is the negative approach, you have to bear in mind that merely because you no longer own the ship when it is taken to the yard, that may not be an answer to a claim brought against you.” He goes on to say, that although not yet tested in court, owners may be able to protect themselves to some extent by “requiring that [the ship] goes to a yard that is Hong Kong certified.”
A more positive approach he says, is to consider your company’s ESG aspirations and “pick a yard that has a good reputation, the right certification” and consider engaging a compliance monitoring service to oversee the dismantling, noting that GMS offers clients’ a sustainable recycling package via its Sustainable Ship & Offshore Recycling Program (SSORP).
Turner says he has sympathy for shipowners with recycling decisions on the table. “You’ve got an asset which can realise some money at the end of its life” and suggests owners should plan accordingly as their vessels approach end of life. Owners who fall foul of the law and find themselves with their “foot in the trap” do so with their eyes open he says, now that “it’s perfectly possible to do the right thing”.
Changes in the way ships are recycled at the waterfront is happening “as recycling yards come to experience that there is money to be made in doing a job properly”. Turner points to “so much of the world’s tonnage” that will be pushed towards recycling in order to meet the climate change goals.