A company that usually profits from tearing ships apart now wants to dismantle some of the most controversial vessels at sea. The Wall Street Journal reports that GMS, the world's biggest cash buyer of ships for scrap, has asked the US Treasury for permission to purchase tankers tied to sanctioned oil from Iran, Russia, and Venezuela—ships that make up the so-called "shadow fleet." CEO Anil Sharma argues that if Washington grants such a license, it would give blacklisted owners a legal exit and shrink a fast-growing network of clandestine tankers.
That network is large: Maritime data cited by the Journal shows some 936 tankers are currently under sanction, about 16% of global tanker capacity. Analysts warn that many operate without valid insurance and in poor condition, increasing the risk of major accidents. Sharma says he's aware of sanctioned shipowners who only remain in the shadow trades because they lack an alternative: They can't unload their vessel, nor can they afford to keep it stationary.
Former US sanctions officials say the Trump administration appears unlikely to approve a system that effectively pays sanctioned players. Sharma is pushing for a system that involves penalties and specifications around how the proceeds of the sale could be used. He estimates he could move as many as 100 of these ships off the seas each year. "With all humility and modesty, I am the only guy who is capable of doing this because of the scale we have." Read the full story here.
,
uBlock 
,
and
Ghostery 
)
