GMS, a leading buyer of ships and offshore vessels for recycling, has announced that it has obtained the first US permit to purchase ships that were sanctioned due to their ties to Iran. These permits, issued in April,...
GMS, a leading buyer of ships and offshore vessels for recycling, has announced that it has obtained the first US permit to purchase ships that were sanctioned due to their ties to Iran.
These permits, issued in April, allow for the scrapping of four container ships: the Yogi, Timon, Rantanplan, and Bigli, as stated by GMS CEO Anil Sharma. All four ships were mentioned in a Treasury Department notice from last July that announced significant actions against the fleet associated with Hossein Shamkhani, a notable figure whose father served as an advisor to the former Supreme Leader Ayatollah Khamenei.
Shipowners, scrap dealers, and companies like Dubai-based GMS have long voiced concerns about the lack of a safe and legal way to remove older vessels from the shadow fleet. These ships are often old, poorly maintained, and uninsured. The permits described by Sharma could lead to more ships being permanently taken out of service if issued repeatedly.
“Sanctions didn't stop the trade but removed the rules. The business continues, but it operates without structure,” Sharma explained. “Removing this old vessel means there’s one less ship to carry sanctioned oil.”
The US Treasury did not respond to requests for comment.
The vessels were operated by Marvise SMC DMCC based in the United Arab Emirates, which was linked to Shamkhani’s network, according to the Treasury Department's statement last July. Sharma mentioned that the owner of these vessels is separate from Marvise and has not been sanctioned, although he did not provide the company's name.