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Over 15,000 ships could be recycled over the next decade, providing great potential for the circular economy. But it must be done the right way. The Hong Kong Convention will allow for the safe and environmentally sound recycling of ships. We need ship owners to choose globally compliant yards. We need the Hong Kong Convention to enter into force now.
On 26 June 2023, following the ratification of the Convention by Bangladesh and Liberia and the depositing of their instruments to the IMO, it is set to enter into force within 24 months from now.
14 years after its adoption, BIMCO welcomes the entry into force of the convention as it aims to ensure that ships, when being recycled after reaching the end of their operational lives, do not pose any unnecessary risk to human health and safety or to the environment.
Acknowledging this is only the beginning and shipowners must start using compliant facilities globally, BIMCO hosted a webinar on 4 July outlining the current legal framework, the challenges ahead, the existing complexities and possibilities.