The finance and investment community in Hong Kong, China was informed of the growing opportunities and urgent needs in sustainable ship recycling, during an event organized by IMO's SENSREC Project (18 November) at Hong Kong Maritime Week.
The event brought together representatives from Norway, Bangladesh, Pakistan, BIMCO, the International Labour Organization (ILO) and the Hong Kong-based banking and finance community to explore future market trends and the evolving regulatory landscape, following the entry into force of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (Hong Kong Convention) in June 2025.
Expert panels highlighted the critical role of responsible ship recycling in fostering a circular Blue Economy and supporting the necessary renewal of the global fleet. As a considerable number of vessels are expected to reach the end of their operational lives in the coming years, safe and environmentally sound recycling is vital for recovering valuable materials and managing hazardous waste.
Participants also reviewed the current status and improvements to date in the ship recycling situation in South Asia, where most global ship recycling occurs.
Representatives from Pakistan and Bangladesh called for increased research on the development and application of new technologies in the sector, as well as investment in support infrastructure. This includes improved road networks and the establishment of Treatment, Storage, and Disposal Facilities (TSDFs) for hazardous materials removed from end-of-life ships.
Discussions emphasized that responsible ship recycling is not only a regulatory necessity but also a significant investment opportunity that supports the maritime sector's transition to a greener future while prioritizing worker safety and environmental protection.
SENSREC Project
The event was part of the Safe and Environmentally Sound Recycling of Ships (SENSREC) Project - a collaboration between the Government of Norway and IMO aimed at supporting developing countries in implementing the Hong Kong Convention.
Its objective is to enhance national capacities to promote a just transition and to establish effective measures that improve health, safety, and environmental standards at ship recycling yards, along with boosting capabilities for the environmentally sound management of hazardous waste and other materials generated from ship breaking.
