We, Hanjin Shipping, had contracted to sale a first vessel MV Hanjin Dampier 207,346 DWT (25,405LT LDT) Bulk Carriers as demolition to GMS JLT in early May 2012 with about two month forward delivery of the vessel.
After we had agreed all the terms and conditions, the scrap market had fallen sharply due to monsoon weather in India, depreciation of India Rupee, downward pressure driven by rush of demolition candidates.
It is really sure that GMS JLT as buyers of the vessel suffered from the sudden drop of demolition prices and had difficulties in finding scrap yards in sub-continent. Nonetheless, GMS JLT had found amicable solution to overcome the adverse environmental changes for mutual benefits.
Hanjin Shipping is quite happy to contract with reputable and reasonable partners in Demolition market and we feel inclined to have more business opportunities with GMS JLT again in the futures.
We highly recommend GMS for ship recycling, being a very reliable, experienced and well organized company. It was our first sale into Bangladesh and GMS made it very simple. They guided us through every step and even paid for the vessel before delivery. It was a pleasure dealing with GMS.
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.