GMS Sees U.S. Recycling License as Blueprint to Retire Shadow Fleet Vessels

Global ship recycler Global Marketing Systems (GMS) says a recent U.S. government license authorizing the recycling of four sanctioned vessels could provide a long-sought legal pathway for retiring aging ships operating in the so-called shadow fleet, potentially reducing safety and environmental risks while reinforcing sanctions enforcement. 

Speaking during a recent Capital Link Expert Talks webcast, GMS Founder and CEO Dr. Anil Sharma said the U.S. Treasury’s Office of Foreign Assets Control (OFAC) approved the first licensed recycling transaction involving sanctioned vessels earlier this year after months of discussions with U.S. authorities.

According to Sharma, the approval represents more than a one-off