Having established ourselves in the field of ship management, Buoy Group also diversified in the field of ship breaking. The company buys vessels for scrap on delivered basis to India or on ‘as is where is’ basis and tow them to India where it trades these vessels in the ship scrap market. In the year 1999 Buoysail Tr. Est. Traded 5 vessels for scrap and in the year 2000, 12 vessels were traded.
The business has been growing continuously and steadily with 29 Nos. vessels being scrapped by the company in 2002 and 36 Nos. in the year 2003. However year 2004 & 2005 have not witnessed growth in Scrap vessel due to high freights and fall in scrap prices all over the world. This business has proved to be a very profitable endeavor for the company in the past, and Buoysail has expertise in this field and aims to be the biggest cash buyers of scrap vessels in the gulf.