Gibraltar is set to finalise a contract for the wreck removal of a bulk carrier that grounded off its coast and broke its back in August this year.

TradeWinds understands Dutch firm Koole Contractors is the preferred bidder at this stage to dismantle and dispose of the wreck of the 35,362-dwt OS 35 (built 1999). A final decision is expected to be made shortly.

The wreck removal contract will have to be concluded quickly if insurers are to meet the end of June deadline set by the Gibraltar government.