Elegant Exit Company has signed a memorandum of understanding with South Korea’s RM Company and ISSAC Green Tech to develop a large-scale green ship recycling facility for large oceangoing vessels, according to Elegant Exit Company.
The agreement was signed in Seoul by Elegant Exit’s Satyajit Roy, ISSAC’s Capt. Jong-ho “Joseph” Kwon, RM chairman Jin Soo Kang and RM chief executive Shawn Kang.
The partners aim to create one of Asia’s largest green ship recycling hubs by combining RM’s existing dismantling operation with floating drydock and automation technology from the ISSAC side. No investment value, processing capacity, precise location or start-up date has been disclosed.
The deal follows Elegant Exit’s 23 July announcement that it was expanding its strategic presence in the Republic of Korea and planning a network of highly mechanised recycling facilities focused on larger vessels.
RM operates Sungha Shipyard in Mokpo, established in 2023. The yard has large docking and dismantling areas and guillotine shears capable of cutting steel plate up to 60 mm thick. RM also has a coastal scrap transport network using Incheon, Dangjin, Gunsan, Mokpo and Jeju, with capacity to handle more than 50,000 tonnes of steel scrap per month.
In March 2025, Elegant Exit signed an earlier MOU with South Korea-based maritime engineering and services company ISSAC E&C to develop green ship recycling capacity in South Korea and the Far East.
In November 2024, Elegant Exit announced an order for six plus six large floating drydocks for ship recycling projects. The company has also completed a pilot recycling project at Arab Shipbuilding and Repair Yard Company, or ASRY, in Bahrain. In July 2026, Elegant Exit appointed Dutch naval architecture and marine engineering group Conoship International to finalise the design of a wider floating drydock network for ship repair, vessel life extension and recycling.
Elegant Exit Company is a Netherlands-based developer of ship recycling and maritime circular-economy projects linking end-of-life vessels with recycled steel supply chains.
RM Co., Ltd. is a South Korean steel scrap recycling and maritime logistics company.
ISSAC E&C is a South Korean maritime engineering and services company.
ASRY is a Bahrain-based shipbuilding and ship repair company. Conoship International is a Dutch naval architecture and marine engineering company.
