GMS linked to handy buy

Broker sources link GMS, best known as a cash buyer for demo ships, to a handy sold at a US auction.

Details are emerging from the sale of a bulker arrested in the US. GMS is understood to have paid $16.4m for the nine-year-old, 35,000 dwt Marine Princess.

The Cosco Guangdong-built vessel, which was arrested on behalf of Bank of America, saw more than 10 owners willing to bid. The ship was previously registered to Turkish account Semih Sohtorik.