Dubai-based GMS has won U.S. government approval to scrap two sanctions-hit oil tankers it acquired, months after securing agreements to recycle four sanctions-hit container ships, the ship recycler told Reuters.The use of
Dubai-based GMS has won U.S. government approval to scrap two sanctions-hit oil tankers it acquired, months after securing agreements to recycle four sanctions-hit container ships, the ship recycler told Reuters.
The use of so-called shadow fleet tankers has surged in recent years, with hundreds of tankers transporting Iranian or Russian oil with limited scrutiny, insurance or safety checks.
Major shipowners have called for faster scrapping of such vessels, warning they pose significant environmental and safety risks.
'DESTINED FOR RESPONSIBLE RECYCLING'
GMS, which buys ships and recycles them at regulated yards, mainly in Asia, received U.S. licences on August 8 for two tankers, Yogesh Rehani, GMS' director of operations, said.
"GMS transacted with the U.S. government, and no payment was made by GMS to the previous sanctioned owners. The vessels are now destined for responsible recycling," Rehani said, without providing details on the price paid.
"A seized tanker cannot simply remain in government custody indefinitely without cost or operational risk. It not only increases the costs but it also reduces the value each day in delaying disposal and it all falls on the shoulders of taxpayers."
The U.S. is "committed to responsible solutions to get sanctioned vessels off the
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