In March 2000, our principals sold their first vessel for recycling to nominees of Global Marketing Systems, Inc. (GMS). Since then a good number of vessels with a total LDT of over 218,000 tons has been negotiated with nominees of GMS.
GMS have conducted themselves with professionalism and integrity in each of these transactions; even in the most difficult circumstance. A recent example of GMS performance was our sale during May 2002 in Bangladesh. The market suddenly and unexpectedly was heavily crashed, leaving nominees GMS with a great exposure. Notwithstanding this fact, the nominees of GMS really performed according to the MOA and the deal was completed without any renegotiations, even though we understand that the end-buyers provided plenty of opportunity to do so.
Trying times in business are a true test of a company's integrity and credibility. We must admit that GMS came through in all situations with remarkable performance. We have several years of time tested experience in this business and we have absolutely no hesitation in recommending GMS as one of the best performer we have dealt with.
Chang Myung Shipping hopes for a long and strong relationship with GMS, which is the world’s best cash buyer.
Many thanks again for your splendid cooperation throughout this deal and again I must stress the absolute first class performance of GMS that has left a remarkably positive impression with Owners and all of us here at ASM.
We have been doing business with GMS for several years now and have been extremely pleased with their business manners and performance, particularly in a declining market where a solid counterpart is of utmost importance.
We have no hesitation in endorsing GMS as one of the best, if not the best, Cash Buyer in the market.
We recently had our first transaction with GMS regarding delivery and beaching of one of our vessels to Pakistan.
The deal was concluded in September 2014 for forward delivery during November. Despite that the market crashed during this time-frame and the asset lost about 10% of its value, dealing with GMS was the correct choice due to the integrity, professionalism and performance of their principals which resulted in having a very smooth and apparent delivery and beaching.
The remittance of all payments were made in time, despite the market not favoring the resale of the vessel from the principals of GMS. Despite Buyers’ interests being jeopardized due to such negative market fluctuation, we did not even lose one penny from what was initially agreed.
On top of that, due to an unfortunate error of our bank the balance payment was remitted back to the Buyers after the beaching had already taken place. Nonetheless, the integrity of the principals of GMS was once more evident and they remitted the funds immediately back to our account.