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The BIMCO roundtable on safe and environmentally sound ship recycling held during London International Shipping Week highlighted the need for debunking myths around the Hong Kong Convention (HKC) and urged all stakeholders to work together to realise the convention’s potential.
This is a significant milestone that effectively seals the loopholes and further strengthens the international ship recycling regime.
Following Pakistan's recent accession to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), all major ship recycling states, including Türkiye, India, Bangladesh, and Pakistan, have become parties to the IMO's HKC.
In absolute numbers, 2011 is going to be the new Number 1 in terms of the greatest amount ever of dry bulk tonnage leaving the fleet to be recycled. We are on course for more than 20 million DWT to be demolished, with the potential of reaching 25 million if owners continue to be attracted by the relatively high demolition rates and freight rates fail to improve significantly through the remainder of the year.
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.
Almost 14 years after the adoption of IMO’s Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, the window for its entry into force is becoming smaller. Yet, a good understanding of where we are and where we need to be, can facilitate the enactment of the Convention.