The International Chamber of Shipping (ICS) welcomes the leadership shown by principal ship recycling country Bangladesh for agreeing to ratify the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (Hong Kong Convention).
Until now 20 countries have ratified the Hong Kong International Convention, accounting for around 30% of all merchant shipping’s combined gross tonnage. With Bangladesh’s commitment this brings the requirements for Convention being fulfilled to enter into force one step closer. The Convention must be ratified by at least 15 nations, accounting for 40% of global commercial shipping by gross tonnage, with a combined maximum annual ship recycling volume of not less than 3% of their total tonnage, in order to come into force.
As the industry continues to push forward on its decarbonisation trajectory ship recycling will be of significant importance in meeting net zero emissions by 2050 as the existing fleet is decommissioned in coming years to be replaced by net zero vessels. Through the ratification of the Convention a supply of vessels for facilities that are compliant with the Hong Kong Convention will be guaranteed.
The International Chamber of Shipping (ICS) is the principal international trade association for merchant shipowners and operators, representing all sectors and trades and over 80% of the world merchant fleet.