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This is a significant milestone that effectively seals the loopholes and further strengthens the international ship recycling regime.
The International Maritime Organization (IMO), Bangladesh, and Liberia have announced the ratification of the Hong Kong Convention by both nations. BIMCO believes the ratification marks the beginning of a new era for the ship recycling industry. During the two-year interim period, ahead of the entry in force, BIMCO is calling on shipowners to choose globally compliant yards for the benefit of the industry’s workers and the environment.
BIMCO has launched its fourth industry film, calling for the urgent adoption of the Hong Kong International Convention for the safe and Environmentally Sound Recycling of Ships, and for ship owners to only choose yards that live up to the convention.
BIMCO has started work to develop a new Law & Arbitration Clause. The new clause will provide a short and “one size fits all” approach to dispute resolution, while adding Hong Kong as the fourth named arbitration venue. The addition of Hong Kong reflects its increased popularity as a centre for dispute resolution and that it is currently ranked among the top maritime arbitration centres in the world.
After a meeting at Wah Kwong’s offices in Hong Kong, the drafting team has now finalised the first draft Quiet Enjoyment Letter ready for industry consultation.
