Sustainable Seas: GMS's SSORP Leading the Wave in Ship Recycling

Sustainable Seas: GMS's SSORP Leading the Wave in Ship Recycling
Image Source: Oreaco

Synopsis:

As 2024 unfolds, GMS, the world's largest buyer of ships and offshore vessels, proudly presents its Sustainable Ship & Offshore Recycling Program. Aligned with the stringent guidelines of the Hong Kong Convention, SSORP stands as a beacon of environmentally safe and responsible ship recycling. With over 120 successful recycling supervisions, SSORP has gained the trust of more than 30 maritime companies as their exclusive compliance monitoring partner. The program not only ensures industry compliance but also estimates the carbon footprint of ship recycling, meeting the highest ESG standards.

Article:

In the maritime realm, where the waves meet sustainability, GMS emerges as a pivotal player, steering the course of ship recycling towards environmental responsibility. At the forefront of this maritime revolution is GMS's Sustainable Ship & Offshore Recycling Program (SSORP), a beacon of excellence in the industry.

As the year 2024 unfurls its sails, the spotlight is on HKC sales, and within this maritime drama, SSORP takes center stage, surpassing all stipulations set by the Hong Kong Convention (HKC). This program stands as a guardian, ensuring compliance monitoring and auditing initiatives, a process rigorously verified and endorsed by Lloyd’s Register Quality Assurance (LRQA). In an era where safety and environmental standards are non-negotiable, SSORP becomes the catalyst for ship owners, recycling facilities, and maritime stakeholders, fostering their collective allegiance to sustainability.

Since its inception, SSORP has successfully supervised and monitored the environmentally safe recycling of over 120 ships and offshore assets. Beyond numbers, SSORP has become the preferred choice for more than 30 prestigious maritime companies, nominated as their exclusive compliance monitoring partner. It is the only program that estimates the carbon footprint of ship recycling, aligning seamlessly with ESG requirements and meeting the highest standards of environmentally safe vessel recycling.

Shifting focus to the ship recycling landscape in 2024, vessel prices have shown improvement, especially in Bangladesh, where plate prices have witnessed a substantial surge. However, confirmed sales into the recycling markets have been modest. Ship owners display hesitancy to accept offers in the low USD 500s/LDT, considering previous levels were around USD 100/LDT higher. L/C restrictions easing in Pakistan and Bangladesh have sparked interest, while India grapples with declining steel prices, creating a competitive dilemma. Turkey, on the other hand, remains enigmatic and subdued.

In the week 3 rankings for 2024, GMS demo rankings and pricing are as follows:

1. **Pakistan (Improving):**

- Dry Bulk: $500/LDT

- Tankers: $520/LDT

- Containers: $540/LDT

2. **Bangladesh (Improving):**

- Dry Bulk: $490/LDT

- Tankers: $510/LDT

- Containers: $530/LDT

3. **India (Weak):**

- Dry Bulk: $480/LDT

- Tankers: $500/LDT

- Containers: $520/LDT

4. **Turkey (Steady):**

- Dry Bulk: $340/LDT

- Tankers: $350/LDT

- Containers: $360/LDT

Conclusion:

As GMS navigates the seas of sustainable ship recycling, the SSORP stands as a testament to responsible maritime practices. In the dynamic landscape of ship prices and recycling interest, the rankings provide a snapshot of the current state of affairs, emphasizing the ongoing commitment to environmental responsibility.

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