GMS launch Korean operation

Sales and Purchases, Ship Demolitions — By on March 24, 2016 at 5:28 PM
Dr. Anil Sharma

Dr. Anil Sharma

GMS expands global network with launch of new Korean operation

Gyungbae Gil appointed to head Korean division of GMS

MARCH 24, 2016 – GMS, the world’s largest cash buyer of ships and offshore structures, today announced the launch of a new operation in Korea. The office will be headed by Gyungbae Gil, a trader who was based in Dubai. The move will allow GMS to strengthen its position in the important East Asian market, and grow its expanding customer base.

GMS has worked with a significant number of Korean owners and brokers for many years, and as the Korean market continues to grow, more vessels will need to be recycled. GMS is the only cash buyer that currently operates in Korea, and the launch of the operation will further strengthen its position within the region. It will also enable the company to work in closer proximity to, and build more collaborative relationships with its customers, increasing efficiencies and ensuring quality throughout the recycling process.

Ship recycling plays a fundamental role in the sustainable cycle of a vessel’s lifetime, from building, to operation and finally recycling, and is a necessary activity for all vessels.

Commenting on the launch, Dr. Anil Sharma, President and CEO, GMS, said: “East Asia and Korea is an important market for our business, and the launch of this new operation demonstrates our commitment to both the region, and our growing customer base. There is a real demand for the recycling of vessels to be conducted responsibly and with the highest levels of efficiency and quality. GMS provides this, with our long history and experience, as well as our global network, and we look forward to developing closer relationships with our customers, and setting new benchmarks for recycling excellence within the region.”

Gyungbae Gil, GMS Korea, commented: “I am delighted to open and head the Korean office of an innovative and progressive company like GMS; a company that is not only the largest buyer of ships in the world, but also known for exemplary performance, integrity and professionalism . Ship recycling is a critical process within the lifetime of a vessel, and I look forward to working with our customers and other ship owners in Korea to demonstrate the benefits that can be delivered by working with a market leader like GMS.”

ABOUT GMS
Founded in the USA in 1992, GMS is the world’s largest Buyer of vintage ships and offshore structures. The firm’s mission is to create value in assets for disposal while improving health, safety and environmental standards throughout the world and to generate awareness to the significance of recycling in the maritime world.

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