Sanctioned tankers have accounted for 58% of all reported tanker demolition sales so far in 2026 as recycling activity remains close to historic lows, according to Clarksons Research.
A total of 26 sanctioned vessels of 2.1m dwt have been sold for recycling this year, including 22 tankers totalling 1.8m dwt.
The 58% figure refers to the number of reported tanker demolition sales rather than their share of tanker deadweight sent for recycling.
Overall ship recycling has reached just 6.4m dwt so far this year, 14% below the pace at the same point in 2025 and broadly in line with the historically low levels recorded between 2022 and 2025. Tanker recycling stands at 2.7m dwt, while bulker recycling has reached 2.1m dwt, down 34% year on year. Containership recycling remains limited at about 25,000 TEU, compared with 5,300 TEU at the same stage last year. Six older steam-turbine LNG carriers have also been sold for recycling in 2026.
Dubai-based GMS received US licences on 8 August to recycle two sanctioned oil tankers, Marinera and Galileo. Russian-flagged Marinera, formerly Bella-1, and Galileo, previously Veronica, were seized by the US in January 2026. GMS acquired the vessels from the US government without making payments to their previous sanctioned owners, with both ships destined for recycling. The approvals followed earlier US authorisation for GMS to recycle four containerships subject to Iran-related sanctions.
Clarksons Research is the research and data division of maritime services group Clarkson PLC and provides shipping, offshore and energy intelligence through subscription platforms.