GMS: World’s first digital ship recycling portal unveiled

UAE-based buyer of ship and offshore vessels for recycling GMS has unveiled the world’s first digital ship platform for ship recycling, Ship Recycling Portal.

 GMS introduced the groundbreaking initiative at an exclusive event in Bhavnagar, India, attended by over 80 leading ship recyclers. The platform aims to revolutionize the ship recycling industry by making the sales and purchase of end-of-life vessels more convenient, transparent, and efficient

Specifically, the platform is a specialized vessel auction platform designed to streamline the sale of ships directly to shipyards for recycling. 

According to GMS, the characteristics of the solution are:

• Transparency: Real-time auction shows what price other ship recyclers offer, allowing buyers to make informed decisions;
• Convenience: Buy a ship whenever the ship recycler wants, from wherever they are—no need to visit an office for face-to-face negotiations;
• Flexibility: Choose which ship to buy and how much to pay;
• Broader Participation: Access will be given to ship owners and other cash buyers in future releases.

“Ship recycling is an important pillar of the maritime industry, and it is time to bring it into the digital age,” said Anil Sharma, Founder and CEO of GMS.

“Post-Covid, society prefers to transact B2B transactions online. 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.”

“As we navigate a global landscape increasingly influenced by digital transformation, the Ship Recycling Portal introduced by GMS is a long-anticipated advancement in our industry. It represents more than just a technological milestone; it’s a functional breakthrough that significantly elevates the ease and transparency with which we can execute real-time purchasing decisions for end-of-life vessels. This is not merely a step forward; it is a quantum leap that defines the future of ship recycling,” commented Komalkant Sharma, Chairman of Leela Ship Recycling Group.

The European Commission has recently expanded the list of ship recycling facilities, with three new yards located in Türkiye.