Kenneth Koo wins landmark cape demolition case

Ships sent for scrap cannot then resurface trading again, a landmark court case has ruled.

The Kenneth Koo-led Tai Chong Cheang (TCC) Group took Anil Sharma’s GMS, the world’s largest cash buyer of ships for recycling, to court after one of its capes it had sold for demolition only was found to be trading via GMS’s shipowning arm.

TCC has succeeded at a court in the UK in obtaining the final injunction to prohibit GMS from operating the ship, thereby enforcing the demolition agreement for the CSK Glory, a 173,000 dwt ship TCC had sold to the Dubai company in April this year.