BIMCO predicts an unprecedented surge in ship recycling

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Over 15,000 ships are expected to be decommissioned and dismantled between 2023 and 2032, more than double the number of the past decade, due to a focus on sustainable practices and environmental stewardship. In response to the wave of ship recycling, the marine industry group BIMCO is highlighting the importance of ratifying and enforcing the Hong Kong International Convention on Safe and Environmentally Sound Ship Recycling, which reduces risks associated with ship dismantling. Historically, around 50% of bulk carriers, tankers and container ships have been recycled by the age of 25, with around 90% being dismantled between the ages of 30 and 35, leading experts to estimate that around 15,000 ships with a total weight of 600 million tons will be recycled between 2023 and 2032.

BIMCO notes that Indian and Turkish ship recycling nations use electric arc furnaces, which result in fewer emissions compared to the production of crude steel and that other factors, such as stricter greenhouse gas emission regulations, are predicted to accelerate the phasing out and recycling of older ships. These changes are expected to lead to an accelerated decommissioning rate and to further increase recycling levels over the next two decades. In total, BIMCO plans to recycle more than 15,000 ships and 600 million deadweight tons over the next decade.

Tags: bimco,ship recycling,ship scrapping


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