GMS, the world’s largest cash buyer of ships for recycling, has launched its pioneering digital platform, the Ship Recycling Portal. The platform was introduced at an event in India attended by over 80 leading ship recyclers.
The Ship Recycling Portal is a specialized vessel auction platform designed to streamline the sale of ships directly to shipyards for recycling. This venture by GMS ensures transparent and reliable auctions with closer collaboration between yard owners and cash buyers.
Ship recyclers now have the flexibility to make real-time decisions on the vessels they wish to purchase, all from the comfort of their offices or homes.
While GMS is the sponsor and creator of the Ship Recycling Portal, the platform will be available to other shipowners and cash buyers, aiming to become the primary method for delivering vessels to ship recycling yards.
“In the next ten years, as the supply of ships for recycling and the demand for transparency increases, it’s the right time to introduce selling ships online. The Ship Recycling Portal is not just a product, it’s a paradigm shift,” said Anil Sharma, founder and CEO of GMS.
“We’re setting a new industry standard by centralizing and simplifying the transaction process for ship recycling. This portal eliminates the complexities and uncertainties that have long plagued our sector, offering a streamlined, user-friendly platform that is transparent and reliable,” he added.