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CHINA ROARS BACK IN! Chinese recycling yard buys Chinese Flag FPSO Bohai MIngzhu rgn USD 377/ LT! Beats competiti… https://t.co/tLQkktZuC6

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#ShipRecycling Market Commentary - Week 42 - SETTLING DOWN! Download our app to access the complete market update:… https://t.co/yr1y29UBZP

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Live Ship Recycling #webinar update! JOIN NOW: https://t.co/VWtt2h6tJo #ShipRecycling #HongKongConvention… https://t.co/DXWKqPUD1J

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Live Ship Recycling #webinar update! JOIN NOW: https://t.co/VWtt2h6tJo #ShipRecycling #HongKongConvention… https://t.co/83yMPietqA

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References

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.

- Challenger Navigation S.A

We hereby would like to give a recommendation to GMS. The company has been highly recommended to us by several of our trusted contacts so we decided to work with them ourselves. During our dealing with GMS, we have learned that its reputation is well-deserved. The staff at GM are highly skilled, professional, and very supportive. In difficult situations, the company has proven that it is a top player in the recycling market, by assisting us with solving problems, when others would have walked away well before. GMS is eager to achieve a compromise/solution that is best suited for both parties rather than to unfavorably benefit themselves at the expense of the ship owner.

- International Shipping Group & Trading, Istanbul, Turkey

We have been selling all our vessels to you since 1999 and despite the numerous sales your excellent performances are still amazing every new time. We would like to thank you once again for the very good co-operation and your clean performance during the last sale of our subject vessel and we look forward to continue our business relationship and our friendship for the years to come. We really look forward to our next business with GMS

- Besiktas, Turkey

We, Hanaro Shipping, as sellers, recently concluded the sale of M.V. “Mega Grace” (IMO 9009126) to principals of GMS in December, 2014. During the period between fixing and delivery the Indian sub-continent scrap market fell dramatically by almost USD 100/ldt yet still GMS performed flawlessly, professionally and without any delay or renegotiation.

We would therefore recommend GMS as the most safe, reliable and trustworthy counterparty for the same and purchase of vessels for recycling and would urge any other owners to work with them above any others for a smooth and successful transaction.

- Hanaro Shipping co., ltd

Sellers Seacon Ships Management Co.,Limited recently concluded the sales of MV Glory Nanjing (IMO 9002752) / Psu Second (IMO 8919350) and Glory Apollo (IMO 9072044) to principals of GMS from September to December, 2014. During the period between fixing and delivery the Indian sub continent scrap market fell dramatically by almost USD 100/ldt yet still GMS performed flawlessly, professionally and without any delay or renegotiation.

Sellers Seacon Ships Management Co.,Limited would therefore recommend GMS as the most safe, reliable and trustworthy counterparty for the sale and purchase of vessels for recycling and would urge any other owners to work with them above any others for a smooth and successful transaction.

- Seacon Ships Management



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