Brussels' new ship demolition rules mean European Union-flagged vessels could face at least a 50% loss in residual values and have trouble finding yards to recycle them, one of the world’s largest cash buyers has warned.
When the regulations come into force at the end of this year, a number of approved shipbreaking facilities are expected to offer demolition rates much lower than market levels, according to Anil Sharma, founder and chief executive of GMS.
