- RECYCLING -
Eventually a vessel outlives its useful life either for physical or economic reasons (sometimes for both), and an owner is faced with having to dispose of his ship in an environment friendly, socially responsible and, of increasing importance, a lawful manner.
Fortunately, even obsolete vessels have considerable residual value based upon their actual weight, which is composed mostly of steel and non-ferrous metals, along with machinery and other equipment. There are numerous recyclers around the world that are eager to buy such retired vessels in order to dismantle them and resell the residual scrap and other parts for further applications, not least of which is making new steel (which sometimes goes towards building new ships, thus completing the circle of life).
Selling vessels directly to these demolition yards or to the cash intermediaries who finance these trades is an important component of what we do; in fact, we are a forerunner in this area, getting involved on a major scale with selling (and often arranging delivery under tow) mothballed WW II era commercial and naval vessels for recycling all over the world.