#Repairs

Top recycler GMS gets US approval to scrap ships hit with sanctions

Dubai-based GMS won U.S. government approval to scrap four container ships under Iran-related sanctions, potentially reducing the shadow fleet. The transaction marks GMS's first deal with private sellers after receiving permits from the U.S. Treasury. CEO Anil Sharma stated the company is also targeting oil tankers hit by sanctions, though such business would only become feasible once the U.S.-Israeli war with Iran ends.