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Ship Recycling Prices March Higher, Doubling in a Year
Far from the traditionally expected slowdown during the monsoon / summer months, sub-continent recycling markets fired on at pace once again this week, and a slowdown in the supply of tonnage of late is likely contributing to some overly aggressive offerings from hungry end buyers.Steel plate prices in Bangladesh and Pakistan continue to firm, while India has cooled off and remains tentative on any fresh/incoming vessels, especially after a bullish last few weeks.Notwithstanding, there certainly
In Ship Recycling, it's "Tanker Time"
The ship recycling markets continues to perform well, according to GMS. The supply of tonnage remains primarily focused on wet and offshore units – particularly OSVs, FSUs, Aframax tankers, MRs and smaller bunkering tankers.In particular Pakistan has been leading the way with some of the best numbers on show (especially on choice units), although Bangladesh is not far behind them and even India is slowly (and surely) competing on select specialist vessels…
Ship Recycling Prices, Activity Remain at Historic Highs, say GMS CEO
Dr. Anil Sharma, CEO and founder of GMS, is a dominate player in the world’s ship recycling business. MR TV caught up with him in late June 2021 for insights on the pace and direction of ship recycling activity and pricing.Dr. Sharma, to start, can you give us an overview of the ship recycling market as you see it today?Thank you, Greg. Let's start with prices because that's the news of the hour. Today we are at about 70% of record numbers in the ship recycling market.
BIMCO: Ship Demolition Prices Spike, Tankers Lead the Way
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.This according to a report out today from BIMCO, which shows that so far this year,…
Ship Recycling: India Situtation Worsens, Prices Continue to Rise
Despite the escalating COVID-19 crisis unfolding across the sub-continent, ship recycling markets have remained remain firm.India has been hardest hit by this second wave of COVID-19, and the country is now recording over 400,000 new daily cases and more than 4,000 deaths. Pakistan, Bangladesh and Turkey are also recording increasing cases. Bangladesh has extended its nationwide lockdown for another week…
Ship Recycling Stymied by COVID Spread Through India
All eyes remain on the situation that is currently unfolding in India as each day brings with it record, numbers of Covid-19 cases & deaths as many hospitals across the country are running desperately low on oxygen supplies and vacant hospital beds.More than 400,000 cases are being registered every day now with well over 3,000 deaths being recorded on a daily basis – the highest of any country at any point of the pandemic.Understandably…
Market Report: In the Ship Scrapping Business, it is "Covid Chaos"
The increasingly growing concern this week has been the number of mounting Covid-19 cases across the sub-continent, especially in India, where the country hit a daily record infection rate of over 200,000 cases per day, placing an increasing pressure on an already strained healthcare system that is fighting to keep up with the number of sick.There is talk in India of another nationwide lockdown, as only the worst hits states/provinces are under quarantine at present…
Ship Recycling: Ship Scrap Prices Soar to Nearly $500/ton During the Pandemic
Dr. Anil Sharma is a wealth of knowledge on ship scrapping, having started GMS 25 years ago, getting into the business of buying and disposing of old U.S. MarAd and Russian navy ships as a sideline while teaching as a college professor in Maryland. Today his company is dominant in the field, and in the last year he has seen an unprecedented 70% run up on ship scrap prices, approaching $500 per ton. He weighs in on ship scrapping trends and direction.By Dr.
Ship Scrapping Market Sees Big Bookings
Several large LDT sales have taken place this week, as owners dip in to take advantage of the red hot sub-continent markets of the moment.Almost all of the locations saw some activity this week (market and private), with India even getting in on the act (despite being the lowest placed sub-continent market) with one high-priced stainless-steel tanker purchase registering for the week.With abysmal rates persisting across the sector…
Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices…
GMS Launches Korean Operation
GMS, a cash buyer of ships and offshore structures, has launched a new operation in Korea. The office will be headed by Gyungbae Gil, a trader who was based in Dubai.
Completed GMS Scirocco Gets first Contract
Gulf Marine Services the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, informed…
GMS Supports DSA Stance on Beaching
GMS, a buyer of ships for recycling, has voiced its support of the Danish Ship Association (DSA) which refuses to ban beaching outright following the recent announcement by their Norwegian counterparts. GMS supports DSA’s position that ship recycling choice shouldn’t be based just on geography. A delegation from the DSA recently visited shipyards in Alang, India to see how some had upgraded their facilities to comply with the Hong Kong Convention on ship recycling.
GMS Applauds Hapag-Lloyd's Recycling Move
Global Marketing Systems, Inc (GMS) has welcomed the announcement that German owner, Hapag-Lloyd, will no longer sell vessels to recycling yards that do not comply with strict environmental regulations and guidelines. Dr. Dr. Sharma advises caution, however, in managing what is effectively a whole new way for the industry to do business. “At this early stage, shipowners must target their custom towards recycling yards in all areas of the world, including India, China and Turkey.
GMS Establishes New Headquarters
Gallagher Marine Systems LLC (GMS) announced today that it has established a new headquarters in Moorestown, New Jersey for its North American operations in a move…
GMS Implements Hong Kong Convention
Global Marketing Systems (GMS) cooperates with Germanischer Lloyd (GL) on green ship recycling. GMS, one of the world's biggest cash buyers, purchases vessels from…
Shoaibi Group, GMS in Joint Venture
A new joint venture between Saudi Arabia’s Shoaibi Group (SG) and the UAE’s Gulf Marine Services (GMS) has been created to provide offshore barge operation services. The new company, named “Gulf Maritime Services Saudi Arabia Ltd” (GMSSA), will be based in Al Khobar, Saudi Arabia, and will allow the JV partners to expand their off-shore operations of barge charters and avail from the scale of opportunity and future potential for all offshore areas arising in the region.
