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.