GMS takes elderly box brace

GMS takes elderly box brace

GMS, the world’s largest cash buyer of ships for recycling, always has an eye for a bargain antique. While the majority of its acquisitions are destined for scrapping, occasionally it bags an elderly ship with a view to trading it for a year or two. Braemar ACM is reporting in its latest weekly container report that GMS has bought the German built, 1,122 teu ships CS Tina and CS Setubal with an eye to trading the elderly ships rather than demolishing them.

On the recycling side, GMS has also bought the 21-year-old, 737 teu TVL Xiamen at $382.5 per ldt. A host of other old, small boxships have been earmarked for scrapping in recent weeks.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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