The world’s largest buyer of ship and offshore assets, Dubai-based GMS has launched what it claims is the first digital bidding platform for end of life vessel purchases for ship recyclers. The GMS Ship Recycling Portal initiative was unveiled at an event in Bhavnagar, India, attended by over 80 leading ship recyclers. The platform aims to revolutionise 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 specialised vessel auction platform designed to streamline the sale of ships directly to shipyards for recycling. According to GMS, this venture 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 from the comfort of their offices or homes. The real-time auction also shows what price other ship recyclers are offering, allowing buyers to make informed decisions, and vessels can be purchased at a convenient time for the ship recycler, without the need to visit an office for face-to-face negotiations.
“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, Founder and CEO of GMS. “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. It eliminates the complexities and uncertainties that have long plagued our sector, offering a streamlined, user-friendly platform that is transparent and reliable.”
While GMS is the sponsor and creator of the Ship Recycling Portal, the platform will be available to other shipowners and cash buyers, and aims to become the primary method for delivering vessels to ship recycling yards in time.