Middle EastTankers

GMS flips its first VLCC

GMS, the world’s largest cash buyer of ships for recycling, always has an eye for an antique bargain. This week sources say it has sealed a deal outside its usual trading zone. The Dubai-based outfit has flipped its first VLCC.

Some weeks ago brokers reported that GMS had snapped up the 2003-built VLCC Maya VN sold by Vietnamese interests. The ship was reported sold for scrap.

Now more details have emerged. GMS has in fact not sent the ship to the breakers helping to improve the dire supply/demand situation in the VLCC space. Instead, GMS has actively used its wide connections among brokers, managing to find a Chinese buyer willing to keep the rusty giant for further trading.

GMS has flipped the ship for around $27m, roughly $2m more than it was reported paying for the vessel earlier in July.

This is the second deal this summer by GMS who occasionally snaps up ships for further trading and slips them into its shipowning arm.

VesselsValue data shows that GMS has been involved in another deal in the tanker segment, adding the 2006-built LR tanker, Marilee. The ship has just been renamed Lila Gothenburg.

VesselsValue lists six bulkers and the above tanker in the GMS fleet.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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