Star Asia Shipbroking chief executive Rohit Goyanka details Bid for Green, a new digital platform that brings transparency and reduces the complexity of responsible ship recycling
Safe and environmentally sound ship recycling lies at the heart of a new digital platform that aims to promote sustainable ship dismantling by seamlessly connecting buyers and sellers.
Called Bid for Green, the bidding platform was launched in November by Singapore-based Star Asia Shipbroking to bring “transparency, sustainability and efficiency” to ship recycling transactions, says company chief executive, Rohit Goyanka. “It’s a one-stop shop for green ship recycling,” he declares.
Once a shipowner decides to sell a ship for responsible recycling, Star Asia Shipbroking lists the vessel for sale on the platform, providing a full description of the vessel and arranging the time and date for the auction process.
Mr Goyanka points out one of the value-added benefits of using Bid for Green platform is that an Inventory of Hazardous Materials (IHM) is conducted for shipowners. The three parts of the IHM detail the hazardous materials contained in the ship’s structure and equipment, the operationally generated wastes and stores on a ship. An IHM is required under the EU Ship Recycling Regulation and the Hong Kong Convention for Safe and Environmentally Sound Recycling of Ships (HKC).
“Shipowners not only get the best price using Bid for Green, but we also prepare the IHM for them and provide expert supervision and verification of vessel recycling operations in line with prevailing regulations. It’s the complete green ship recycling package – from the point of sale until the vessel is completely scrapped, we take care of everything,” he explains.
And, for corporate social responsibility and ESG requirements, Bid for Green provides a complete survey report conducted by surveyors onsite at the green yard detailing where, how and in what manner the ship was recycled.
Mr Goyanka says Bid for Green underpins the regulatory requirements of the HKC. With the Hong Kong Convention coming into force as of 26 June 2025, he says “Everything going forward is going to be HKC in Bangladesh, India and Pakistan.”
He thinks the time is right for a one-stop shop solution like Bid for Green. “Bidding platforms have proven to be better marketplace solutions as they create competition and transparency” ensuring owners receive the “best possible prices.”
To join the auction, bidders are required make a deposit which is held until the sale closes. Unsuccessful bidders receive their money back, while the successful bidder’s deposit is held until the contract is fulfilled.
Initial reaction to Bid for Green has been positive, particularly from cash buyers because of the level of transparency it provides, says Mr Goyanka. And he is optimistic about the growth prospects for the platform. He believes the implementation of the HKC in June will be a ’game changer’ for Bid for Green.
