#ShipRecycling Market Commentary |Week 47| NO MORE CARTEL in Bangladesh! End Buyers are free to offer their own pr… https://t.co/ayF71P1HTP

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No more Cartel! Bangladesh cartel breaks!! #ShipRecycling

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Lloyd's List analysis: Ship recycling prices to remain buoyant despite disruption. Read here:… https://t.co/6MUCgARhDP

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References

We, EVER GLORY MARITIME COMPANY LTD. have countersigned MOA of our managed vessel named “MINBEI” with GMS on 6 May, 2016 and mutually agreed to deliver the aforementioned vessel to Alang port of Bangladesh on June 2016.

Although scrap price has fallen on June, GMS still strictly fulfilled the MOA. The vessel “MINBEI” has very smooth delivery finally.

Thanks again for your good performance on MOA implementation!

- Ever Glory Maritime Company Ltd.

We, Hyundai Merchant Marine Co., Ltd. would hereby recommend Messrs GMS Inc. or nominees as solid and reliable partners for the recycling of older vessels. Prompt payment, coupled with smooth and timely deliveries whilst providing first class feedback, guidance and top dollar pricing made dealing with GMS a pleasure, and We, Hyundai Merchant Marine Co., Ltd would have no objection in recommending them to others.

- Hyundai Merchant Marine

We have been doing business with Messrs GMS Inc for many years now and have been extremely pleased with their co-operation, performance and fulfillment of MOA’s contractual obligations during the good as well as the bad periods of the recycling market. It goes without saying that we will continue our co-operation in with Messrs GMS Inc in future and recommend them as a reliable cash buyer.

- Goldenport Shipmanagement Ltd.

BW Gas ASA has sold several vessels to GMS (USA) in the past.

We are very pleased with the performance of GMS, and based on our experience to date, we can recommend them to any others who are considering the sale of their older vessel(s) for recycling without hesitation.

- BW GAS, Norway

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.

- Hanjin Shipping, Seoul, South Korea



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