From Shadow Fleet to Safe Recycling: The GMS OFAC Breakthrough
Overview
Nicolas Bornozis, President of Capital Link, hosted Dr. Anil Sharma, Founder and CEO of Global Marketing Systems (GMS), for a discussion on the groundbreaking OFAC-licensed recycling transaction for sanctioned vessels. Dr. Sharma explained that GMS helped establish the first legally controlled pathway for sanctioned vessels to exit the system through recycling. The process involves identifying suitable vessels and owners willing to commit to recycling rather than trading, conducting legal analysis of sanctions, applying for licenses, managing operational challenges, and providing evidence of compliance. Dr. Sharma stressed that while the process cannot be a “carte blanche” for sanctioned entities, it provides a controlled exit mechanism that benefits governments by removing dangerous assets from trading while ensuring proper recycling standards are maintained.
From Shadow Fleet to Safe Recycling: The GMS OFAC Breakthrough
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