Bangladesh Ratifies Hong Kong Convention
Bangladesh has approved the Hong Kong Convention for the safe recycling of ships and offshore assets, becoming the second sub-continent recycling location, after India, to ratify the convention.
The Convention aims to ensure that ships when being recycled after reaching the end of their operational lives, do not pose any unnecessary risk to human health and safety or the environment.
Cash buyer GMS welcomes the news and reports that there have been recent upgrades in Chittagong this year, resulting in two shipyards receiving ClassNK accreditation. Until then, only one yard had accreditation.
The International Chamber of Shipping (ICS) has also welcomed Bangladesh’s ratification.
Until now 20 countries have ratified the Hong Kong International Convention, accounting for around 30% of all merchant shipping’s combined gross tonnage. With Bangladesh’s commitment this brings the requirements for Convention being fulfilled to enter into force one step closer. The Convention must be ratified by at least 15 nations, accounting for 40% of global commercial shipping by gross tonnage, with a combined maximum annual ship recycling volume of not less than 3% of their total tonnage, in order to come into force.
The ICS says that ship recycling will important to meeting net zero emissions by 2050 as the existing fleet is decommissioned in coming years to be replaced by net zero vessels. Through the ratification of the Convention a supply of vessels for facilities that are compliant with the Hong Kong Convention will be guaranteed.
