Within the ship recycling industry, companies such as GMS are commonly known as CASH BUYERS. A "CASH BUYER" as the name suggests, is an entity that purchases a vessel for "Cash" and delivers it to a recycling yard for the purpose of recycling. Broadly speaking, business functions performed by a CASH BUYER include sales (selling), financing (taking title of the vessel against payment), market evaluation (forecasting future prices, demand/supply factors and other relevant business-specific issues) and risk management (underwriting market, operational, currency, demand/supply, and other risks). CASH BUYERS such as GMS provide an important economic and distribution function to the owners of demo vessels. A CASH BUYER takes ownership of the vessel. In light of their experience in most of the major markets, CASH BUYERS have become perhaps the most critical component in the ship recycling process.