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The Bangladeshi scrappers community and the cash buyers are dealing with what they termed a "highly unusual incident" after one of the ships that was in the process of changing hands for scrapping was suddenly included by the U.S. State Department on the sanctions list. The buyers point out that it creates a legal and commercial uncertainty as they are barred from trading in the vessel.
The product tanker named Maymei was listed as sold for scrap as of May 22. Built in 1997, it is a 44,936 dwt tanker that was registered in Palau. It was owned by a Chinese company based in Hong Kong and associated with the Iranian petrochemical trade. According to the Business Standard newspaper in Bangladesh, the ship had an approximate scrap value of $4.96 million.
The ship's AIS history shows it departed Ningo, China, in mid-April and arrived off Chattogram, Bangladesh, on May 22. It officially entered the anchorage on May 26, and its paperwork was being processed.
However, the U.S. State Department on May 28 announced it had listed the tanker and its managers, Ever Shining Limited, as part of the sanctions against Iran during an effort that targeted a total of eight ships and their managers. State said the ship had loaded petrochemical products from Iran in July 2024. Another ship, Flora, managed by the same company, however, was accused of loading Iranian products on at least 14 occasions since 2023.
The cash buyers told the newspaper that they believe the sanctions are preventing them from completing the transaction and beaching the ship. The companies involved are worried about the legal ramifications, while noting that the scrapping should be permitted to proceed, as it definitely removes the ship from service.
For now, the cash buyer and the scrapper are reporting that the ship remains at anchor, and the funds have not been released. They are reporting that the principal owner has agreed to take back the ship, and they expect that process to begin shortly.
The newspaper highlights it would be a rare instance when a ship failed to reach the recycling yard, and more so because of sanctions.
Fuente: The Maritime Executive
