In a globalized world, the world trade fleet plays a pivotal role in limiting transport costs. But, the management of obsolete ships is an acute problem, with most Ship Recycling Facilities (SRF) situated in developing countries. They are renowned for their controversial work and safety conditions and their environmental impact. Paradoxically, dismantlement is paid for by the shipowners in accordance with international conventions therefore it is more profitable for them to sell off ships destined for scrapping. Scuttling, the alternative to scrapping, is assessed in the present review to compare the cost/benefit ratios of the two approaches. Although scrapping provides employment and raw materials - but with environmental, health and safety costs - scuttling provides fisheries and diving tourism opportunities but needs appropriate management to avoid organic and metal pollution, introduction of invasive species and exacerbation of coastal erosion. It is also limited by appropriate bottom depth, ship type and number. The present review inventories the environmental, health, safety, economic, and forensic aspects of each alternative.