Approximately 1/3 rd of the vessels that are acquired by the principals of GMS are concluded on an ‘As Is Where Is’ basis. The firm has over two decades of hands on expertise in running, what are often times, old assets that are operated in deep sea, ocean going voyages. Generally, the vessels that are acquired for recycling are at the end of their trading lives, due to both age and condition, which makes these ships some of the most challenging assets in the world to operate and manage.
Vessels concluded range from bulk carriers, tankers, and container ships to offshore equipment/platforms (rigs) and naval vessels. Moreover:
- Nearly 25% of the 'As Is Where Is' vessels concluded were those that had been laid up for months (sometimes even years) and extensive reactivations were implemented prior to sailing.
- Approximately 30 deep sea voyages have been successfully completed.
Over the years, our operations have progressed from running end of life vessels for single ballast voyages towards a recycling facility, to operating comparatively older tonnage on the spot market for several months before they were eventually sold for recycling. From these humble origins, the team has developed a core competency in operating older tonnage and through organic growth, has amassed a fleet of 5 vessels that regularly trade on period time-charter business to prominent owners and liner companies.
- Excellent insight into the ship recycling markets and unprecedented access to market information gives GMS an edge over the competition at the time of resale for either further trading or recycling.
- The company's reputation, attention to detail and personal relationships forged over the last (nearly) twenty five years have allowed its principals to charter its fleet to FIRST CLASS CHARTERERS, regardless of the asset’s age – a rarity in the shipping markets.
- New deals across various asset classes and ages are proposed daily to our principals. This not only allows GMS to cherry-pick the right tonnage that seems most well-suited to the company’s core competency (i.e., understanding of recycling markets and operating older assets), but also allows the commercial team to form a much more balanced view of the trends in the global shipping markets.