Some 16 years after it was adopted in Hong Kong the IMO convention on ship recycling will finally come into force in June 2025.

The long-awaited approval by Bangladesh of the IMO’s Hong Kong Convention (HKC) has been welcomed by the International Chamber of Shipping (ICS) as the major ship recycling nation joins India in ratifying the regulation.

Al Jubail-based ship recycling company, Wreckdock, is offering investors the chance to buy discounted shares in its new sustainable ship and offshore recycling venture.

Ship recycling facilities in Bangladesh. India, and Pakistan have hiked prices for demo units in recent days despite the Chinese New Year last week and that usual lull that surrounds the celebrations.

Demolition yards are biding their time in advance of next week’s Lunar New Year celebrations in Asia.

Recycling yards on the Indian subcontinent and in Turkey have reined in some of their recent enthusiasm which has sent prices soaring to their highest levels for 13 years.