The insurers are said to be picking up the tab, and the ship will be scrapped, but it had to be moved in a proper place first.
You mean a POORER PLACE first?
It will be moved to a close harbor that can hold the ship (to my knowledge http://de.wikipedia.org/wiki/Piombino is discussed, currently). That sounds like reasonable thing to do.
That said, the ship breaking yards in Bangladesh don't look like pleasant places.
You don't scrap a ship in the middle of the sea, you don't want oil, rotten food, battery acid, sewage, cargo, and any other random stuff that might exist on a ship floating around freely.