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Sanctions Ship Recycling Tankers and Gas

Shadow fleet tankers contribute to significant rise in first-quarter recycling volumes

  • Few large tankers were sold for recycling in 2023 and 2024 but the sale of elderly tankers finally began to rise in 1Q25
  • Two tankers on Ofac sanctions list were recycled in India during the period
  • Cash buyers willing to take the risk of handling sanctioned vessels, bought at a big discount, can make large profits

  • Analysis

Total recycling volumes, measured by gross tonnage, almost doubled in the first quarter

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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