The finance and investment community in Hong Kong, China was briefed on growing opportunities and urgent needs in sustainable ship recycling during an event organized by IMO’s SENSREC Project on 18 November at Hong Kong Maritime Week, according to the International Maritime Organization (IMO).
The event gathered representatives from Norway, Bangladesh, Pakistan, BIMCO, the International Labour Organization (ILO) and Hong Kong-based banking and finance institutions to examine 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 in June 2025.
Expert panels underlined that responsible ship recycling plays a critical role in fostering a circular “Blue Economy” and in enabling the necessary renewal of the global fleet. With a considerable number of vessels expected to reach the end of their operational lives in the coming years, participants stressed that safe and environmentally sound recycling is essential both for recovering valuable materials and for managing hazardous waste.
Participants also reviewed the current status and improvements achieved so far in ship recycling in South Asia, where most global ship recycling takes place.
Representatives from Pakistan and Bangladesh called for increased research into the development and application of new technologies for the sector, alongside investment in support infrastructure. They pointed in particular to the need for improved road networks and the creation 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 obligation but also a significant investment opportunity that can support the maritime sector’s transition towards a greener future, while keeping worker safety and environmental protection as priorities.
The event formed part of the Safe and Environmentally Sound Recycling of Ships (SENSREC) Project, a collaboration between the Government of Norway and IMO that supports developing countries in implementing the Hong Kong Convention.
The project’s objective is to strengthen national capacities to promote a just transition and to establish effective measures that raise health, safety and environmental standards at ship recycling yards, while improving capabilities for the environmentally sound management of hazardous waste and other materials generated from ship breaking.
The International Maritime Organization is a specialized agency of the United Nations responsible for developing and maintaining a global regulatory framework for international shipping, including safety, security and environmental performance.
The Safe and Environmentally Sound Recycling of Ships (SENSREC) project operates within IMO’s partnerships and projects portfolio and has implemented multi-phase technical cooperation activities, for example in Bangladesh, to develop economic and environmental studies, training materials and infrastructure concepts for safer ship recycling and hazardous waste management.
