Ship Recycling Markets Remain Firm With Bangladesh Leading

The global ship recycling market maintains a firm trajectory despite broader economic volatility, with Bangladesh emerging as the primary destination for aging tonnage. According to the latest weekly report from Best Oasis, the Indian ship recycling market also displays positive sentiment, supporting steady demolition activity. While specific vessel names currently entering the breakers' yards remain diverse, the sustained demand for scrap steel in Chittagong and Alang ports continues to dictate price trends for shipowners looking to divest older assets.

Ship recycling operations must strictly adhere to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009. Compliance departments must ensure that vessels destined for demolition maintain an accurate Inventory of Hazardous Materials (IHM) as required by the EU Ship Recycling Regulation. Furthermore, adherence to MARPOL Annex I regarding oil residues and SOLAS Chapter XI-1 on structural integrity is critical during the final voyage to the recycling facility to prevent environmental liability and ensure regulatory compliance.

For masters and chief engineers, the transition of a vessel to a recycling yard requires meticulous documentation of the IHM and hazardous waste logs. Officers must ensure all onboard systems are safely decommissioned according to classification society guidelines before the final handover. Accurate reporting during this phase is essential to avoid legal complications, ensuring that the vessel's final operational chapter concludes in full alignment with international maritime safety and environmental standards.