Environment and Energy
The West must speed up scrapping of shadow fleet as hazards grow, Greek shipping magnate says
Evangelos Marinakis, founder and chairman of Capital Maritime & Trading Corp, urged Western governments to accelerate scrapping of unregulated ships hit with sanctions. Speaking during Posidonia shipping week in Athens, Marinakis said allowing dark fleet operators four or five months to schedule scrapping could reduce the shadow fleet by 20%-25%. He argued that proceeds from disposals, typically less than single voyage profits, should be allowed to flow to ship owners for scrapping purposes only.
